HIPAA 5010 compliance date begins on Jan 1, 2012; this was adopted to replace the current version X12 version 4010A1.
ICD-10-CM is a diagnostic coding system implemented by the World Health Organization (WHO) in 1993 to replace ICD-9-CM, which was developed in the 1970′s. ICD-10-CM is in almost every country in the World, except the United States.
HIPAA X12 version 5010 and NCPDP version D.0 are new sets of standards that regulate the electronic transmission of specific healthcare transactions. Covered entities such as health plans, healthcare clearinghouses, and healthcare providers are required to conform to the 5010 standards.
ICD-10-CM is similar to ICD-9-CM, however many improvements have been made to coding ICD-10-CM. For example, a single code can report a disease and its current manifestation (i.e. type II diabetes with diabetic retinopathy). Computer Science combined with new more detailed ICD-10-CM will allow for better analysis of disease patterns and treatment outcomes that can advance medical care. These same details will streamline claims submissions, since these details will make the initial claim easier for payers to understand.
You can find further information online at http://www.cms.gov/. There you will find detailed information on what you need to do to conform to the 5010 standards.