EMR Stimulus Incentive Payments – How Medicare and Medicaid Payments Differ
In accordance with the American Recovery and Reinvestment Act incentive payments are available to doctors that implement EMR software in their practice. With Medicare and Medicaid being the two primary programs paying doctors, it is important for healthcare professionals to understand how the payments from these two programs differ. This article will show how payments between the two programs differ.
Below are 3 of the primary points to consider:
First off Medicare requires that physicians integrate an EMR system that satisfies “meaningful use” criteria before being eligible for stimulus payments. However, with Medicaid physicians can receive funding the first year without having a meaningful use compliant system in place. The physician must show that he/she is working toward implementing a qualified EMR program to be eligible for funding. In this area, the Medicaid incentive structure provides physicians with a little more time to set things up.
Secondly, the maximum amount of funding available in the first year differs between Medicare and Medicaid. Medicare allots a maximum of $18,000, while Medicaid allots $21,250 in the first year. The incentives continue to $44,000 over 5 years for Medicare (for most physicians) and $63,750 over a 6 year period from Medicaid. It is important to note these figures are available on a per physician basis. In other words, a practice with 10 physicians could qualify for 10 times these amounts stimulus money. With that said, physicians are only eligible to participate in one of the two funding programs.
January 1st, 2011 is the start date for both Medicare and Medicaid funding. Starting earlier gives physicians the option to receive more money. The last date that physicians can integrate EMR software and still receive incentives is Sept. 30th 2012 for Medicare, and Sept. 30th 2016 for Medicaid. The earlier physicians implement EMR systems that comply with meaningful use standards, the more potential funding is available.
These are some of the reasons why so many physicians are switching from paper records to EMR software. The financial incentive available means this is the perfect time to install EMR software for your medical practice.
Electronic Health Records software is now considered a necessity by most doctors and hospitals. EHR software systems help improve efficiency and increase focus on patient care.
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