Seventy-five Percent of Doctors Holding off on ICD-10
Posted on Jan 31, 2015
Seventy-five Percent of Doctors Holding Off on ICD-10
Physician practices are pushing back ICD-10 preparations, with only twenty-five percent of surveyed doctors saying their practice will have started the transition work by year’s end. A survey of 201 members of QuantiaMD’s online physician community during the last two weeks and found that seventy-five percent of respondents are sitting tight, at least for now.
Whereas twenty-five percent said that they have either already started ICD-10 work or will do so by year’s end, the largest group of respondents, thirty-three percent, won't begin before the end of 2015’s first quarter. Roughly twenty percent will hold off until the second quarter. Most surprising is the twenty-two percent who plan to push the October 1 deadline in earnest by waiting until the third quarter.
The surveyed physicians are a confident lot, too. About forty-two percent have no contingency plans to cover operational costs following the ICD-10 transition because they expect no disruption of cash flow.
Roughly twenty-six percent report they have cash reserves sufficient to cover operations during the transition, and another twenty-six percent plan to have a secured line of credit in place.
The largest segment of responding physicians — about forty percent — estimate the ICD-10 project will cost their practice less than $10,000. Another thirty-five percent peg the cost between $10,000 and $50,000. Thirteen percent predict a cost between $50,000 and $100,000, while six percent are calling for it to exceed $100,000. With seventy-five percent of respondents calculating an outlay of less than $50,000, they seem in no great hurry to start actively working on the project.
We strongly recommend beginning the transition now. We will begin offering an ICD Transition Class by mid year.