Survey: One-third of physician practices have yet to prepare for ICD-10
Another recent survey has revealed widespread unpreparedness for ICD-10 compliance.
An online survey of 500 physician practices commissioned by medical claims clearinghouse Navicure found that one-third have yet to prepare for the Oct. 1, 2014 implementation deadline. Of those, 21 percent already feel they are “off track,” according to a report of the survey, released on June 26.
Overall, the survey posed questions regarding ICD-10 preparation progress, resource availability and technology readiness. Of those who have yet to prepare:
- 36 percent believe there is more than enough time to prepare
- 26 percent stated they do not have adequate time, staff or training resources to begin preparations
- 22 percent do not know where to start ICD-10 planning.
The top two ICD-10 challenges, as reported by respondents, include training (45 percent) and payer readiness (30 percent). Many respondents anticipate a drop in productivity to adjust to the new codes, with one-third expecting productivity to dip on average by 21 to 40 percent. Impact on cash flow is a major concern of physician practices, with more than half worried about how implementation will strain financial resources.
To view the survey report, which also contains tips on preparation, go here.