Dive Insight:
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ICD-10 implementation costs will be much more expensive for physician practices than previously anticipated, as much as three times as previous cost estimates, according to a research update from the American Medical Association.
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The study predicts that small practice costs for ICD-10 will range anywhere from $56,639 to more than $226,000. Medium-sized practices will pay between $213,364 and $824,735 for ICD-10 implementation, and large practices should end up spending between $2 million and $8 million
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The AMA sent a letter this week to HHS Secretary Kathleen Sebelius, citing the study, urging CMS to reconsider the mandate for ICD-10.
Dive Insight:
It should come as no surprise that ICD-10 cutovers will be expensive, given the complexity of what must be done. But these numbers are high enough to pose real financial pain for these practices. While I doubt it will happen -- CMS seems very committed to this changeover -- it wouldn't be unreasonable to extend the deadline a little bit to allow practices to absorb the financial impact of the change. Perhaps some compromise is possible. CMS, your move!