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Barack Obama signed a legislation in April that has delayed the ICD-10 transition by one year. Even though providers get one more year to prepare, this change has shaken up the healthcare industry. Not just physicians, but health insurers who were prepared to use the new code set from October 2014 will now have to re-evaluate their implementation plans.
Hospitals will bear the brunt of this delay:
This delay has brought a financial blow to health systems and hospitals that have devoted time, money and resources to get ready for implementation of ICD-10 in 2014. Many small practices were not prepared for the transition but majority of payers and hospitals were.
According to experts, if the delay would have been announced in 2013 it wouldn’t have had the same negative impact as the delay in 2014. In case of hospitals, this delay will cost more as consulting engagements and timelines have been extended.
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