So why are the costs lower?
In a November 2014 Journal of AHIMA article titled, “Cost of Converting Small Physician Offices to ICD-10 Much Lower Than Previously Reported,” Kravis, Belley, et al (2014) mention that the original estimations of $22,560 to $105,506 per practice included costs that aren’t actually related to ICD-10 implementation, such as converting to EHR. They go on to cite the unanticipated affordability of coding training for physicians, as well as the relatively low cost of ICD-10 training for staff.
The November 2014 Journal of AHIMA article also includes a table that breaks down the costs of ICD-10 implementation for a small practice. The estimated implementation cost of $1,960-$5,900 includes expenditures on code books, as well as the cost of staff and physician training. It’s worth noting that software upgrades are not factored into that cost, since it is assumed that practices will already have the necessary software, and only require a free upgrade to ICD-10 coding.
The bad news here is that the mandatory ICD-10 implementation still comes at a substantial cost to both physicians and radiologists. However, there are a few effective strategies you can employ to help offset those costs and get your practice in the black and up to speed with federal compliance.