Implementing ICD-10 and Higher Medical Coders Salaries

ICD-10 (International Classification of Diseases 10th Edition), the new medical coding “stylebook,” will not come into effect until October 1, 2013 (the compliance deadline), and some practices are falling into a false sense of security that they can somehow cram for the new codes—there are in fact tens of thousands of them, a staggering volume that is practically impossible to master in a short time, even with formal medical billing and coding training. Centers for Medicare & Medicaid Services (CMS), the enforcing body for ICD-10, naturally finds this alarming and has implemented some countermeasures.

First off, CMS has put up a web presence to disseminate information on ICD-10 and to address concerns that practices may have about it. CMS has also deployed a free service that allows a practice to receive email notifications whenever the information on its ICD-10 page is updated, information such as an ICD-10 article, a transcript, a tip sheet, even a webinar.

The ICD-10 web page has proven its usefulness thus far. For instance, earlier, CMS had posted on its web page an executive summary of its ICD-10 vendor conference. The conference gave vendors the right venue to directly inform CMS that they had implementation plans in place for both Version 5010 and ICD-10, and to confirm that they could meet the implementation deadlines. The vendors were also able to air their misgivings about the lack of a testing period for ICD-10 prior to October 1, 2013.
With ICD-10 coming in on Oct. 1, 2013, the medical coding community is understandably apprehensive of the massive change that its members need to adapt to quickly and of the effect that change will have on their careers.

A recent survey involving 12,000 coders says that they need not worry. The study revealed that despite a tough economic environment a strong demand still exists for skilled coders and that the salaries of coders are climbing.

According to the survey, some 44 percent of respondents receive a salary between $35,000 and $50,000 per year. Respondents with a bachelor’s degree expectedly out-earned those with a high school diploma $51,825 to $41,802, a difference of about $10,000 per year.

Almost 52 percent of the respondents said they have 10 years or more experience in their field, and more than 20 percent said they have 20 years or more experience. About 31 percent of respondents, however, have five years or fewer in their field. Significantly, of those with 20-plus years of experience, more than 50 percent earned over $50,000 per year, while 27 percent with 10 years of experience earned $50,000 or more per year. Meanwhile, only 14 percent of the respondents with five years of experience made it to the high-earning group.

Phasing in ICD-10 is a major and mandatory undertaking to modernize the industry. Meditec.com, a major provider of medical transcription training and pharmacy technician courses, as well as updated medical billing and coding training, is doing its share by providing medical practices the needed coding expertise to prosper in the new ICD-10 environment.