ICD-10 Will Provide Better Data for Healthcare Analytics

ICD-10 could unlock a new market for data analysis, according to a report from the Smart Data Collective.

While healthcare is becoming more interested in data analytics, the current ICD-9 code set stunts these efforts because the codes are less specific than ICD-10 codes. Congress recently delayed ICD-10 implementation for another year — until October 2015 — effectively locking business intelligence companies out of the market for another year.

However, the healthcare industry is projected to spend $34.5 billion on IT-related costs this year, according to the report.

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