The AMA and other lobbing groups continue to forcefully advocate stopping the expensive and burdensome October 2014 ICD-10 implementation. Citing new cost estimates that nearly triple those of previous projections, the AMA issued a letter calling on U.S. Department of Health and Human Services Secretary, Kathleen Sebelius, to reconsider the mandated adoption of the new code set.
Physicians are being asked to assume burdensome and extremely expensive requirements at the same time they are being required to operate under reduced reimbursement, adopt new technology, re-engineer workflow, and reform the way they deliver care; all of which are interfering with their ability to care for patients and make investments to improve quality.
The letter underscores that the ICD-10 implementation will be “financially disastrous for physicians,” pointing to an AMA study. The costs for a small physician practice could be more than $225,000, while a typical large physician practice could expect to spend as much as $8 million on implementation.
In 2008, the estimated costs to implement the ICD-10 code set was $83,290 for a small practice, $285,295 for a typical medium practice and $2,726,780 for a typical large practice.
In 2014, the estimated costs for the implementation are $56,639 to $226,105 for a small practice, $213,364 to $424,735 for a typical medium practice, and $2,017,151 to $8,018,364 for a typical large practice.
These figures are from a study by Nachimson Advisors, LLC for the American Medical Association. As always, ADVOCATE will keep you updated on this and all issues impacting radiology as they become available.
Kirk Reinitz, CPA