There is a potentially exponential problem ahead: ICD-10. The cost for medical practices to implement the new coding requirements seems to be growing daily as new hurdles are uncovered. 

Beth Mahan, Principal at Booz Allen Hamilton's healthcare division, advised practices in a recent InformationWeek Healthcare article,

"Providers should start planning and working now to reduce current coding backlogs. In addition, providers should work to clear aged accounts receivable and open denials...to enable staff resources to focus on supporting ICD-10 claims and monitoring for trends. This will help reduce the need for external or additional resources.”

“The need for external or additional resources,” alludes to the fact that ICD-10 will be yet another expensive advancement in the American healthcare system. Unfortunately, providers will have to bear the full cost of ICD-10 without subsidies or inducements from Washington. Preparing for the quickly-approaching October 1, 2014 ICD-10 changeover (including a budget) is crucial.

For more information on ICD-10, click here.