Posted on Thu, Oct 16, 2008 @ 09:45 AM
Implementing the new ICD-10 codes will cost the typical small medical practice (three doctors and two administrative staffers) $83,200; the typical medium-size practice (10 providers, six staffers, one full-time coder) $285,195; and the typical large practice (100 providers, 54 medical records staffers, 10-full-time coders) almost $2.73 million, according to a new study conducted by Reisterstown, Md.-based Nachimson Advisors, a healthcare information technology consultant. The study was funded by 11 medical organizations, including the American Medical Association and the Medical Group Management Association, and it researched the costs associated with replacing the current ICD-9 codes with the new, more detailed ICD-10 system by 2011 as proposed by HHS.
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