Harmonization of disease monitoring and reporting worldwide.
In dollars and cents, benefits of the conversion to ICD 10 codes would start in 2013 with about $87.7 million in annual savings, according to HHS. It estimates that the cumulative benefit of the conversion will be about $3.95 billion by 2023. However, the changeover will be costly, and those costs won't break even until 2018.
Costs and Labor
The total conversion from ICD 9 codes to ICD 10 codes will cost about $1.64 billion over at least six years, HHS estimates. This total includes costs for training ($356 million), productivity losses ($572 million) and system changes ($713 million).
In every office and facility that provides health care, the changeover to the ICD 10 codes system will create significant challenges. These include costs and time in different areas, such as doctor and staff education and training, new claim form (Superbill) software, upgrades for practice management and billing system software, increased documentation and loss of cash flow.
There will be several major benefits to switching over to the ICD 10 codes system, according to the U.S. Department of Health and Human Services (HHS):
More accurate payments for new procedures.
Fewer rejected claims.
Fewer improper claims.
Better understanding of new procedures.
Improved disease management.
Better understanding of health conditions and health care outcomes.
enefits and Savings
What Are They?
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