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With ICD-10 finally in action for inpatient facilities, small practices are getting the first real look at the cost factor involved in the transition. In February 2014, The American Medical Association predicted that the cost of implementing ICD-10 would be significant for physicians. At least one survey disputes that estimate, stating the costs were much lower than expected. Now that ICD-10 is a reality, practices are able to assess the bottom line to calculate the financial impact of the changeover.
The AMA Estimate
A 2014 cost study initiated by the AMA estimated transitioning to the ICD-10 code set would likely cost practices threes time more than the initial prediction.
In 2008, the cost of switching to ICD-10 was estimated at: