When it comes to being prepared for ICD-10, it’s not lack of provider awareness that’s the problem; it’s the lack of knowledge and lack of a plan, according to a new physician survey released Aug. 2.
The non-scientific survey, which was conducted and published by The Frank Cohen Group, LLC, revealed that nearly 90% of the 241 respondents acknowledged that their Medicare payments are at risk of not being processed if their practice hasn’t implemented HIPAA 5010 by Jan. 1, 2012.
And with 2012 only months away, shockingly less than 40% have prepared a plan for testing or implementing ICD-10 to be ready by the drop-dead deadline of October 2013 and even fewer have begun some type of implementation process.
“Clearly, there is a readiness gap that is likely going to widen within our ranks,” says senior analyst Frank Cohen, MPA, MBB, in his survey analysis.
Also, the survey found that less than a third of respondents felt they had more than just a basic understanding of ICD-10 and nearly three-fourths felt that it would negatively affect every area of their practices and result in an overall negative financial impact.
You can view the survey get the full summary analysis as well as the detailed worksheet at www.frankcohengroup.com.