The clock is ticking and the implementation deadline for ICD-10 and Meaningful Use Stage 2 for medical practitioners across the country is not very far away. In fact, there’s just over 12 months remaining for practices to put these in place and the need of the hour for them is to expedite the process of doing so. The sooner they get into action, the better it will be for them.

The present situation presents opportunities not only for vendors but also for medical practices. From the vendors’ point of view, they have a huge market to cater to. At present, there are nearly 50% doctors using healthcare IT systems for their practices. This signifies a huge opportunity for the industry leaders present to gain as much market share as they can from the remaining 50% in about a year’s time. Needless to say, vendors are fiercely fighting it out there between themselves, convincing practices of their own solutions and the benefits they are offering. A huge market with a huge potential awaits them. They are rapidly upgrading/developing their systems with the most modern technologies and offering complete solutions ranging from EMR software, practice management, billing solutions, patient portals and patient engagement.

On the other hand, there are still many practices across the country which are not using healthcare IT solutions and are still stuck in the older model of healthcare solutions. Time is money and it is flying away fast from their point of view. The government has almost implemented Obamacare and usage of ICD-10 codes and deriving of Meaningful Use Stage 2 benefits are imperative. Not only will this help the industry become more standardized, but doctors will also have the added advantage of receiving incentive payments from the implementation of Meaningful Use Stage 2.

Center for Medicare and Medicaid Services (CMS) published the Meaningful Use Stage 2 rule about a couple of weeks ago earlier in September. It is imperative that all the Eligible Professionals must implement Stage 1 of Meaningful Use before they can move on to Stage 2. However, they need to implement the requirements of Stage 2 as soon as possible in order to comply with CMS and the legislation.

From the practices’ point of view, it is extremely crucial to select a healthcare solution provider that adheres to both of these important objectives. They need to investigate thoroughly about the solutions they are offering and make a cost and benefit analysis. It is also important to see what modules they are offering in their software which can help them adhere to ICD-10 codes and implement Meaningful Use Stage 2.

Like they say, time is money. The sooner practices adhere to these, the better it will be. Together, the shape of healthcare industry will soon be changed for good.