ICD-10 True Cost of Transitioning

The information in this article was provided by trainRX in their October Newsletter. ICD-10 - 12 months left to meet the Oct. 1, 2014 Deadline!  Let's take a look at the true cost of this complex conversion to ICD-10 The true cost of the ICD-10 transition may not be as easy to calculate as you think. Take a look at the list below to make sure you've put everything in your budget.

  • Education
    • Raising Awareness
    • Clinician Education
    • Coder Training
  • Testing related costs
  • Staff time needed for:
    • Implementation PlanningICD10
    • Training and Testing
    • Vendor Management
  • Temp staffing to assist with extra work resulting from:
    • Decreased Coding Productivity
    • Billing Backlogs
    • Claims Denial and Rejection Management
    • IT and System Upgrades
    • Time Lost during Training
  • Consulting Services
  • Forms and Reports
  • Data Conversion
  • Dual Coding
    • Maintaining Data collection
    • Analyzing Data

Not all costs are direct costs, purchases and fees. Time is money. Right? - Indirect costs can drain resources. Either you will have to pay labor costs to fill in the work required to manage and implement the ICD-10 tasks or accept the loss of productivity. Review the Rands Survey HERE for The Cost and Benefits of Moving to ICD-10 Code Sets. This is a complex conversion, but you still have time to meet the deadline! If you need a Step-by-Step System contact www.trainrx.net. They have the only complete ICD-10 system in the United States that is Turn Key!.  TrainRX has made this process so easy, it's literally...Fill in the blank!

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