Stimulus

The government will give qualifying physicians up to $64,000 for using electronic medical records.

To receive Funding 3 main qualifications must be met:

1. Demonstrate “meaningful use”

Required product capabilities are likely to be electronic prescribing, clinical reporting, and interoperability.

2. Use a Certified EMR

Many industry experts believe that certification will be based on the standards adopted by the Certification Committee for Healthcare Information Technology (CCHIT). CMB only sells EMR Systems that are CCHIT Certified.

3. Must be a Qualified Provider

Office-based physicians must qualify under either the Medicare or Medicaid provision- they can not collect incentive payments from both.

Medicare Provision

Those qualified are entitled to receive up to $44,000 of total Medicare incentive payments over 5 years- from 2011 to 2015.

Year One- $15,000

Year Two- $12,000

Year Three- $8,000

Year Four- $4,000

Year Five- $2,000

Those that qualify for the program in 2011 or 2012 can qualify for a one-time, “early adopter” incentive of $3,000. Incentives are based on the lesser of either 75% of the provider’s Medicare Part B billings or the maximum allowable incentive.

Medicaid Provision

Beginning in 2011, those qualified can collect a sum total of $63,750 over 6 years- calculated as 85% of the EMR 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 more than 30% of their cases must be attributed to Medicaid. Or if they are a qualified pediatrician they are eligible for 2/3 of the maximum payment and 20% of their cases are Medicaid.

Penalties

For those that do not adopt an EMR, Medicare payments will be reduced.

-1% in 2015

-2% in 2016

-3% in 2017 and beyond

pdf-iconStimulus frequently asked questions.pdf

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>