Stimulus Center
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!
How do I know if I am entering data properly to qualify for Stimulus? Wouldn’t it be nice if the system showed me? SuiteMed Can! SuiteMed offers a one of a kind dashboard to let you know where you stand. At Fox Meadows, we strive to not only give you the software, but the tools to make sure your use is optimized.
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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 $63,750 calculated as 85% of EHR costs not exceeding $25,000 in the first year, followed by 85% of annual costs not exceeding $10,000 over the next 5 years.To be eligible under this provision, office-based physicians must demonstrate “meaningful use” of a certfied EHR, and more than 30% of their cases must be attributable to Medicaid, or 20% of their cases attributable to pediatrics. Office- based pediatricians are eligible to receive up to two-thirds of the 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!
