WSJ Article Discusses Pros and Cons of ICD-10

The upcoming implementation of ICD-10 has been seen by many as a necessary update of a rapidly outdated system, whereas others feel that the changes are too sweeping to be enacted in only three years, according to a report in the Wall Street Journal.

According to the report, the ICD-10 will increase the number of codes used to 155,000, which include needed updates for new diagnoses, treatments and procedures. Currently, 13,000 codes are available for diagnosis and only 3,000 for medical procedures. Under ICD-10, the number of codes will be increased to 68,000 and 87,000, respectively.

Hospitals and many officials interviewed in the report say that this increase is needed as the current system has run out of room for growth, leading to some treatments being lumped together with unrelated diseases. Others believe that by having more specific codes, hospitals and other healthcare providers can be paid more accurately for more advanced procedures, and administrative costs will be reduced as the back-and-forth between provider and insurer becomes less, according to the report.

However, many insurance companies and healthcare providers feel that the three-year time frame for ICD-10's implementation will not be enough and could lead to more billing errors from both payors and providers. As a result, many are asking the Centers for Medicare and Medicaid Services to extend the deadline by five years or more.

Along with an influx in codes, CMS estimates the cost to the medical industry to implement ICD-10 will be $1.64 billion over the next 15 years, according to the report.

Read the WSJ's report on ICD-10.