CMS issued a statement yesterday that “HHS will initiate a process to postpone the date by which certain health care entities have to comply with International Classification of Diseases, 10th Edition diagnosis and procedure codes (ICD-10)” and also said that “HHS will announce a new compliance date moving forward.”
This will certainly be a welcomed reprieve for some providers and payers who are desperately behind and already swamped with their day-to-day operations, but don’t take your foot off the gas pedal just yet – the earlier you transition, the better. If you’re already in the middle of your ICD-10 implementation, just remember that if you stop now, it may cost you a lot more to re-start in the future.
Peggy Honts of AXIOM Systems advises, “Don’t lose your focus, momentum and resources currently budgeted to this effort. Don’t give up this extra ‘run-way’ – you will never get it back. There are always multiple priorities to satisfy in healthcare and it is not expected to get easier in the next year or two. Without knowing what extension will be granted, it is risky to bet your success on an ICD-10 reprieve.”
So while HHS may extend the ICD-10 deadline a year or two, consider taking your head start and running with it, so you can focus on growing your business while everyone else is struggling to comply with ICD-10 down the road. Make a strategic decision to complete your ICD-10 implementation before others and start benefiting from the many touted benefits of ICD-10 before your competition does.
Stay tuned for the latest information on the ICD-10 deadline…