Power Your Practice

Time is running out for medical providers to update to the new HIPAA Version 5010 financial system software and International Classification of Diseases 10th Edition (ICD-10). The first step in the process is the Version 5010 data-transmission standards upgrade, which the majority of practices are unprepared for.

According to a recent member survey by the Medical Group Management Association (MGMA), only one in 50 practices have completed the 5010 implementation.

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As the date to switch to the ICD-10 diagnostic coding system gets closer, medical practices have one question: How much is implementation going to cost?

Nachimson Advisors, LLC was retained by several healthcare organizations to answer that very question. After crunching the numbers, the final cost of implementing ICD-10 appears unsettling.

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