The benefits of converting your practice to an Electronic
Medical Record system are numerous, and provide cost savings to all practices
that adopt one. But what if you could get a huge discount on your system,
or even get it free? Now, thanks to the American Recovery and Reinvestment
Act of 2009 (ARRA, or also known as The Stimulus Package), you can!
According to the bill's Medicare Provision, "Physicians
who implement a certified (CCHIT) solution and become meaningful users
between 2010 and 2012 will be eligible for up to $44,000 each in incentive
payments. Physicians who wait to become meaningful users until between
2012 and 2014 will receive smaller incentives. Physicians who have not
become meaningful users by 2015 will not qualify for any payments, and
will be subject to increasing penalties. Incentives are based the lesser
of either 75% of the provider's Medicare Part B billings or the maximum
allowable incentive."
The adoption incentive chart looks like this:
The Bill's Medicaid Provision is:
"Beginning in 2011, office-based physicians who qualify under the
Medicaid provision could collect a sum total of $64,750 calculated as
85% of annual costs not exceeding $10,000 over the next five years. To
be eligible under this provision, office-based physicians must demonstrate
"meaningful use" of a certified EHR, and more than 30% of their
cases must be attributable to Medicaid or 20% of their cases attributed
to pediatrics. Office-based pediatricians are eligible to receive up to
two thirds of their maximum payment."
Payment Reduction
Office-based physicians who do not adopt EHR (EMR) technology by 2015
have their Medicare payments reduced by the following:
1% in 2015
2% in 2016
3% in 2017 and beyond
In 2018 and beyond, the HHS Secretary may decrease one
additional percent per year (to a maximum of 5%) contingent upon the levels
of overall EHR adoption in the market.
This bill features several Important Early Adoption Incentives
which make adopting as soon as possible the best possible financial option.
Your practice likely qualifies!
