ICD-10 Budgeting: What are some of the costs involved?

Carl Natale
by Carl Natale

There are estimates of how much an ICD-10 conversion will cost. But you won't know until you start adding up the numbers for your medical practice.

The obvious places to start are in IT and medical coding. Next come project and revenue management. Each area requires resources — time and money — to accommodate.

Start adding up:

  • Software  and hardware
    • In house and vendor modifications
    • Upgrades
    • New software, systems and equipment
  • Education
    • Coder training
    • Clinician education
    • Awareness raising
  • Testing related costs
  • Staff time needed for:
    • Implementation planning
    • Training
    • Testing
    • Vendor management
  • Temp staffing to assist with extra work resulting from:
    • Decreased coding productivity
    • Billing backlogs
    • Claims denial and rejection management
    • IT work on upgrades and systems
    • Lost time during training
  • Consulting services
  • Forms and reports
    • Redesign
    • Printing costs
  • Data conversion
  • Dual coding
    • Added time
    • Maintaining data collection
    • Analyzing data