ICD-9 has approximately 14,000 different codes, which are used to record what procedures are performed. The new system, ICD-10, has approximately 68,000.
The healthcare industry is projected to spend $34.5 billion this year on IT related costs. The Centers for Medicare and Medicaid (CMS), forecast that health spending will account for almost 20 percent of the US’ GDP by 2022. Once ICD-10 is finally adopted, the amount of patient and procedure data that’s collected will vastly increase. As it does, there will be an even greater need for tools which can quickly analyze it, all the while maintaining strict security measures. In other words, ICD-10 adoption will open the floodgates for larger, comprehensive analytics reports.
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