ICD-10 Questions and Answers?

How Can I Budget for the ICD-10 Transition?

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ICD-10 Question:

How Can I Budget for the ICD-10 Transition?

How can providers and other medical professionals budget for the training needed before the ICD-10 transition?

 

Our Answer:

All covered entities need to be preparing a budget for the training of coders, claims analysis employees, and any other employees having medical claim-based positions.

The Department of Health and Human Services estimates total training costs for hospital medical coders at:

$2,750 per full-time coder ($2,200 for lost work time, plus $550 for training expenses).

$550 for part-time coders ($440 for lost work time, plus $110 for training expenses).

I would also recommend budgeting for the use of outsourced coding services, at least during the peak of the transition. A third-party coding service can assist with the increase in coding, as well as helping to maintain your efficiency and revenue generation.

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