Practices to Prepare for ICD-10 Coders Recruitment and Retention Challenges

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Practices to Prepare for ICD-10 Coders Recruitment and Retention Challenges

Medical coders certified in ICD-10 continue to be a ‘sought-after commodity’ for healthcare providers in the US. With less than 45 days left for the big transition, it has become necessary for practices to either replace or retain their professional coders to ensure timely payments.

Industry Facts
It is being estimated that ICD-10 implementation will cause temporary drop in coding productivity of 50% and permanent drop of 20% As per the results of a national pilot program released by the HIMSS and WEDI, coders who used ICD-10 codes averaged two medical records per hour which is less compared to four medical records per hour under ICD-9

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ICD-10 Pushing Earning Potential of Trained Coders

Coder turnover has become frustrating for medical practices, especially with ICD-10 looming. With an increase in demand for ICD-10 coders, practices have no choice but to offer a competitive employment package in order to retain certified and trained coders.

Industry Highlights
According to Bureau of Labor Statistics, national hourly rate for a certified coder is $13.90-$29 whereas the hourly rate for overtime ranges between $20-$42 (as per July 2015 data) The minimum to maximum annual wage for a certified coder in 2015 has been ranging between $29,450 and $62,100

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ICD-10 - Checklist for Practices

ICD-10 Quiz

ICD-10 Transitional Phase