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Four Key Components to ICD-10 Budgets for 2015

Industry News | Healthcare Advice

The following is an excerpt from an article by Craig Greenberg, Practice Director for Strategic Services at Consultancy Beacon Partners. This article originally appeared on Health Data Management. 

Four-Key-Components-to-ICD-10-Budgets-for-2015"The fall is fast approaching and with that brings the reminder that the new ICD-10 compliance deadline of October 1, 2015 is a little over a year away. Before the delay, healthcare organizations were working diligently on their transition plans and many were making progress on addressing key implementation challenges.

And even though the delay initially was unwelcome for many, it provided more time to conduct end-to-end testing, address needed changes to systems, policies/procedures and workflows, and to mitigate potential revenue risks. It also meant organizations had time to re-evaluate their strategy, project timetable, and budgets to be in-line with the new compliance date.

Although the new deadline may seem far off, a successful transition involves extensive changes which require considerable planning, time, and financial investment. Now is the time to evaluate and outline your 2015 ICD-10 budget needs to ensure funds have been thoughtfully allocated for a successful transition and to mitigate potential risks associated with dips in productivity and cash flow..."

To read the full article, click here.



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