Practices behind on ICD-10, but still confident they'll reach finish line
Most physician practices are now convinced that the ICD-10 transition will finally happen on Oct. 1, 2015. But just 21 percent say they're on track with their preparations for the switchover.
That's according to the third ICD-10 readiness survey, published by Navicure and Porter Research. Despite that low preparedness percentage, however, most practices are "generally optimistic" about being ready for the big day, according to Navicure.
Of the poll respondents – 57 percent of whom were practice administrators or billing managers from small practices, with billers and coders (14 percent) and executives (13 percent) rounding out the group – 81 percent are confident they will be ready for the transition.
Among the survey's other findings:
- Most respondents (67 percent) aren't expecting another delay, and believe the ICD-10 transition will take place on the Oct. 1 deadline.
- There are big concerns about its impact on revenue, with 59 percent of respondents saying cash flow is a concern; 12 percent said their biggest concern is staff productivity, followed by 11 percent who fear the switch will be postponed yet again.
- Unprepared payers could pose a problem, for practices: 41 percent of respondents cite lack of payer readiness as the most challenging aspect of the ICD-10 migration, with end-to-end testing with payers still a big priority for practices, even as more and more are opting out of testing opportunities.
"Even with a well-trained staff, industry estimates indicate that staff productivity will decline by 52 percent for the first 3-6 months following the transition," Navicure warns in its report. "ICD-10 is both a broad and complex undertaking that impacts every area of your practice. A successful transition will not happen overnight, but with thoughtful planning, it will be easier to manage."
Access the full report here.