A explore conducted by Edifecs reveals the estimated dollar whole of what the cost increase would potentially be if the Icd-10 implementation deadline is delayed by one year.
Edifecs, a developer of regulatory yielding and data transfer technologies, conducted the poll less than forty-eight hours after the U.S. Group of condition and Human Services (Hhs) notification it would reconsider delaying the Icd-10 implementation deadline for confident entities. Participants in the poll consisted of more than fifty senior healthcare professionals attending the 2012 Icd-10 Summit, a conference hosted by Edifecs. Senior officials have said that the explore was one of the first to evaluate the healthcare business reaction to the Hhs announcement.
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As healthcare organizations are investing heavily for Icd-10 implementation, cost was a big concern. When explore participants were asked about the impact of a inherent one year delay, approximately half of poll respondents said it would increase implementation costs between eleven and twenty-five percent, and someone else thirty-seven percent said their costs would be up to fifty percent. Edifies has estimated the cost of a one year delay to be between twenty-five to thirty percent. When taking into account existing cost estimates for Icd-10 implementation across the healthcare landscape, officials appraisal a one year delay in Icd-10 could cost the business everywhere from 5 million to more than billion dollars.
Edifecs Ceo Sunny Singh, when commenting on the explore results said, "The message we heard loud and clear from conference attendees and explore respondents was to keep inspiring while the business awaits the final decision on the extended deadline and which entities will be affected."
Other key findings from the Edifecs explore include:
Sixty-four percent of the respondents said a delay would not supervene in improved readiness, predicting instead that organizations will slow down implementation so budget and personnel can be redeployed to other, more urgent initiatives. That's compared to thirty-six percent who said a delay would heighten readiness. Respondents specifically noted that one inherent advantage of a delay is more time for testing, but officials noted that this position assumes projects will not be slowed or stalled. Seventy-six percent believe a delay will harm other healthcare reform efforts and sixty-nine percent said a two-year delay would be whether potentially catastrophic or unrecoverable.
When respondents were asked what the adored timeframe would be for a delayed yielding date, eighty-five percent said a shift in the yielding date should not exceed one year. A delay of longer than a year, the respondents voiced, would likely freeze budgets, slow down schedules or stop work altogether.
Fifty-nine percent of the respondents said if Hhs renders their decision to delay the Icd-10 implementation date, it should be moved out for all covered entities as opposed to mandating distinct yielding dates for distinct types of entities. Edifices officials noted the main driver behind the overwhelming preference for a particular yielding deadline appears to be the requisite cost and effort needed for the dual processing in Icd-9 and Icd-10 code sets for the same dates of service.
While the Edifices explore offers a snapshot of the introductory reaction to the inherent delay among Icd-10 professionals who are actively managing their organization's project, that fact is that it is not a representation of all entities or professionals in the healthcare industry. The sample size of healthcare professionals participating in this particular explore should not diminish, in any way, the value of its findings. Most notably, that an Icd-10 implementation delay will be problematic due to the risk of stopping or slowing down preparing activities, which it could derail a healthcare organization's progress, and dramatically increase the cost of implementation.
condition It - observe Finds Icd-10 Delay Will Be Problematic
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