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The 2012 implementation deadline won't change, so now's the time to start preparing.
Over the next few years, the entire healthcare industry -- including physician practices, hospitals, and payers -- have the potentially overwhelming task of preparing for two industry initiatives: compliance with CMS-mandated HIPAA transaction standards and converting to ICD-10.
Many have compared implementation of these two initiatives to the Year 2000 (Y2K) initiative from more than a decade ago. However, industry experts suggest the HIPAA 5010 conversion and the ICD-10 conversion will actually be more time-consuming, more costly, and more complicated.
If your practice fails to successfully migrate, you potentially face:
