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Redefine your ICD-10 Costs to implement them on time

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The most important reason that makes physicians reluctant to implement ICD-10 is the entire cost of conversion perceived by many in the healthcare industry. A study published in the Journal of AHIMA (JOA) has tried to counter the fears evoked by past researches that gave huge ICD-10 implementation costs.

ICD 10 Guide

The new study puts the price of ICD-10 conversion for small practices from $1,960 to $5,900. Let’s see what parameters were applied for JOA research to identify the range of ICD-10 implementation cost for small medical practices.

ICD-10 Training of practice staff

The research set strict number of hours for training of the medical and non-medical staff of the practice. The cost of 32 hours of training for each practice staff member and three hours for the physician was capped at $3,100. Another $600 was set for buying the two ICD-10 code books.

The cost estimated included the following aspects of ICD-10 training:

  • Education of entire medical practice staff about ICD-10 code sets and tools of implementation.
  • Awareness and training of the actual codes, covering the practice specialty.
  • In-depth training sessions on comprehensive diagnostic and procedural ICD-10 codes.
  • Special training sessions on dealing with specialty codes.

Given the number of staff in a small practice; the cost of training can also go down further.

Updating EHR systems

The estimated cost for software update for ICD-10 given in the JOA research is zero. This is a surprise for those physicians whose vendors are asking for a good amount of money for the updates. As quoted in the study, “Many vendors are including the ICD-10 software update as part of their routine annual software update at no addition cost resulting in physician offices having no incremental ICD-10 related costs associated with their billing, Practice Management and EMR software.”

Depending on your vendor contract, this is a considerable sum of money that you wouldn’t have to pay for ICD-10 conversion. However, if you are among the less lucky ones, then it’s time to replace your EHR vendor.

A word of advice

Being a small medical practice, you don’t have a huge budget that will allow you to experiment around. Therefore, the best possible option is to outsource your billing to a professional billing company. This way you will save your cost of staff training and software updates or replacements.

Download your free ICD 10 Guide and jump start your ICD 10 training now!

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