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Home Health & Hospice Week

Work ICD-10 Costs Into Your Budget

Published on Tue Aug 10, 2010

You'd better start figuring ICD-10 transition costs into your ever-shrinking budget. "The October 1, 2013 deadline for implementing ICD-10- CM/PCS is fast-approaching, and a lot of work needs to be done," warns the American Health Information Management Association. "The transition will be expensive." "Budgeting appropriately is a challenge because the implementation involves many types of expenses over multiple years," AHIMA says. You should plan for costs related to hardware, software, training, communication, support services, and productivity loss, the organization advises in a release. Tip: "Add to a contingency reserve each year to guard against unexpected costs or temporary productivity losses," AHIMA says. An article on budgeting for ICD-10 is in the September issue of Journal of AHIMA at journal.ahima.org.
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