Final answer:
The high cost of implementing ICD-10 was due to extensive updates to EHRs, billing software, productivity losses during the transition, and a significant increase in the number of codes, necessitating additional training.
Step-by-step explanation:
The implementation of the International Classification of Diseases, Tenth Revision (ICD-10) in the United States was a significant overhaul for the healthcare industry. The estimated cost of implementing ICD-10 was substantial due to several factors. First, the transition required extensive updates to electronic health records (EHRs) systems and billing software to accommodate the new, more detailed codes. This software modernization and staff training led to considerable expenses for healthcare providers and insurance companies. Additionally, the productivity losses during the transition period, as medical coders and healthcare providers adapted to the new system, further increased costs. Lastly, ICD-10's expanded code set from around 14,000 to over 68,000 codes, meant that there was a considerable learning curve which required additional education and training investments.