When the news broke early last week that the Senate passed and the president signed legislation that included a one-year delay for ICD-10 implementation, I could almost hear the collective groan coming from the healthcare finance community.
I have had many conversations about ICD-10 with CFOs and senior-level finance executives at provider organizations over the last 12 months. No one was expecting—or even hoping for—another delay, so I was sure the postponement to October 1, 2015, was unwelcome news to a lot of people.
When I checked in last week with several hospital and health system finance leaders, their reactions were exactly what I expected: frustration, disappointment, and concern over cost implications.
"To us it means increased cost," says Gary Akenberger, senior vice president, finance at ProMedica, a Toledo, OH-based health system with 2,268 licensed inpatient beds.