Get Answers or Give Your Answer to This ICD-10 Question

The following question is an ICD-10 related question either asked by the staff at OMG, LLC, or submitted by a visitor for everyone to answer and discuss.

This is intended to be utilized as an ICD-10 learning tool by everyone affected by the transition, including providers, coders, billers, managers, etc.

Join in by sharing and answering or discussing the following question in the "Answer/Discuss" section below.

ICD-10 Question:

How Can I Budget for the ICD-10 Transition?

How can providers and other medical professionals budget for the training needed before the ICD-10 transition?

Our Answer:

All covered entities need to be preparing a budget for the training of coders, claims analysis employees, and any other employees having medical claim-based positions.

The Department of Health and Human Services estimates total training costs for hospital medical coders at:

$2,750 per full-time coder ($2,200 for lost work time, plus $550 for training expenses).

$550 for part-time coders ($440 for lost work time, plus $110 for training expenses).

I would also recommend budgeting for the use of outsourced coding services, at least during the peak of the transition. A third-party coding service can assist with the increase in coding, as well as helping to maintain your efficiency and revenue generation.