The Centers for Medicare & Medicaid Services estimate that the transition from ICD-9 to ICD-10 will cost the healthcare industry $1.64 billion, according to a Wall Street Journal Health Blog report.
The switch is also estimated to increase the number of claims returned for improper coding by 10 percent initially. In preparation for these significant changes, the Journal reports companies are selling software to help facilities adjust to the new coding system.
Read the Wall Street Journal Health Blog report on ICD-10.
Read more on ICD-10:
-Hospitals Putting Off IT Upgrades for ICD-10 Conversion
-10 Steps to Prepare for ICD-10
-3 ICD-10 Challenges Hospitals Should Be Talking About
The switch is also estimated to increase the number of claims returned for improper coding by 10 percent initially. In preparation for these significant changes, the Journal reports companies are selling software to help facilities adjust to the new coding system.
Read the Wall Street Journal Health Blog report on ICD-10.
Read more on ICD-10:
-Hospitals Putting Off IT Upgrades for ICD-10 Conversion
-10 Steps to Prepare for ICD-10
-3 ICD-10 Challenges Hospitals Should Be Talking About