ICD-10 a high spending priority for providers in 2015

With the ICD-10 implementation deadline less than a year away, the majority of healthcare organizations will be reaching into their wallets to pay for the migration, according to a new peer60 report.

The report looks at what healthcare providers will be spending money on this year. Peer60 heard from 950 respondents in the industry, most of them C-level executives, about their purchase intentions.

After many delays, it seems providers believe this will be the year ICD-10 implementation takes place. However, a recent report said that physician practices are optimistic about their ability to meet the deadline, but only 21 percent feel they are on track with preparation efforts.

Apart from ICD-10, providers also said they would shell out cash for population health management (50 percent), patient engagement (47 percent), revenue cycle management (32 percent) and electronic health records (25 percent).

"Healthcare technology is advancing rapidly," peer60 CEO Jeremy Bikman said in an announcement. "This report shows exactly where billions are going to be spent by American hospitals in 2015 to comply with government mandates and to better compete in this rapidly changing marketplace."

In addition, a majority of hospital chief information officers (60 percent) said their organization would make a purchase related to data analytics this year. What's more, about 60 percent of CIOs said that cybersecurity also would be a high spending priority.

To learn more:
- check out the report (.pdf)
- read the announcement