For Hospital CFOs, ICD-10 Delay a Costly Disappointment
"It's anticipated that there will be a 30% to 40% reduction in productivity for the coders, so we've staffed up for that, and there is a shortage right now of coders where we are," he says. "What we are going to deal with is the cost of pushing this into next year. Some of that cost is just going to remain because of the additional time and resources that will be required. Training today for something that will happen more than a year from now doesn't have any value."
Ted Dudley, executive vice president and CFO at Catholic Medical Center, a 330-bed institution in Manchester, NH, is also concerned about what the delay will mean financially.
"We've already added staff in anticipation of going live this October," he says. "We've also entered into contracts with outside vendors, and, quite frankly, we'll have to go back and see whether or not there are opportunities to delay. Everyone has geared up—not only us, but the IT vendors and insurance companies."
"The other thing that we have is a few key folks that are looking to take us through this transition and then retire," Dudley adds. "We may not be able to keep all the key people we have currently because of the delay."
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