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.
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.
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