Although the deadline for ICD-10 was pushed back giving providers more time to prepare for the transition, only 21 percent say they are on track to be in compliance.
A survey from Navicure, a billing and payment software developer, found 58 percent of physician practices put their ICD-10 preparations on hold when the delay was announced. Approximately 59 percent said their most significant concerns were about expense and decreased productivity. Approximately 29 percent said they had not budgeted yet for implementation. The American Medical Association estimates the cost to be between $56,000 for small practices to $8 million for larger practices.
As the Oct. 1, 2015 deadline draws closer, providers are also losing confidence in their preparedness. In fall 2013, 87 percent said they were confident that they would be ready; in January 2015, that number had fallen to 82 percent, according to the survey.
However, the Government Accountability Office contradicts the findings with a performance audit of CMS from July 2014 to January 2015. The GAO's report found that CMS provided enough materials and that all Medicaid agencies would be able to perform the duties CMS listed as critical during the transition.
"ICD-10 is both a broad and complex undertaking that impacts every area of your practice," the survey concluded. "A successful transition will not happen overnight, but with thoughtful planning, it will be easier to manage."