Implementing the new ICD-10 code by 2011 will substantially increase costs for physician practices and clinical laboratories, according to findings from a study initiated by a group of provider organizations and conducted by Nachimson Advisors.
The group, which includes the American Medical Association (Chicago) and the Medical Group Management Association (Englewood, Colo.), says the costs associated with implementing ICD-10 in such a short time frame “are markedly higher than what CMS has estimated and will place a major burden on providers, taking valuable time away from their patients and straining other resources needed to invest in health information technology.”
According to the study, the total estimated cost for a 10-physician practice to move to ICD-10 would exceed $285,000. It will cost $83,290 for small, three-physician practices, and more than $2.7 million for large, 100-physician practices.
The group is asking the asking the Department of Health and Human Services to revisit its plan for rapid adoption of ICD-10 and extend the implementation deadline. To access the study, click here.