How EMR Incentives Favor Early Adopters of EMR Software
Electronic medical records are fast replacing traditional paper records around the globe. In order to encourage doctors to transition from traditional paper records to EMR software, the American Recovery and Reinvestment Act (ARRA) has made funds available for early adopters. This article will examine how healthcare facilities that adopt EMR software soon can receive tremendous incentives.
Beginning January 1st, 2011 the United States Government (via the American Recovery and Reinvestment Act) is offering massive incentives to physicians and medical facilities making the switch from traditional paper records to more efficient EMR software. In fact, starting in 2015 physicians who have not made the switch could start earning penalties for their failure to adopt EMR technology.
These incentives are currently being offered in order to issue in a new, more effective way of tracking patient data. Here are a few of the highlights of what a physician could receive for adopting EMR software in 2011:
1. Up to $44,000 in stimulus money from Medicare. This money can be collected over a 5 year period, with $18,000 being available the first year to physicians who meet the meaningful use standards upon initial implementation. This money is also available to each physician within a practice.
2. Up to $63,750 in funds from Medicaid. These funds can be collected over a 6 year period with $21,250 available the first year to physicians who are working toward installing an EMR system that complies with meaningful use standards. This funding is also available for each physician.
3. Avoiding penalties. Penalties will be issued starting in 2015 for physicians who have not adopted EMR software by that time. Starting in 2015 the Medicare fee schedule will be reduce by 1%, with 2% and 3% reductions to follow in 2016 and 2017 respectively. In order to avoid these penalties and receive the maximum incentive payments switching in 2011 is recommended.
4. Return on Investment. With the help of incentives EMR will also give physicians a positive ROI in a relatively short period of time. Physicians can increase their reimbursements and reduce costs associated with charts and paper records. Less clutter, more organization, and greater efficiency are just a few of the other benefits of implementing EMR software.
The earlier physicians switch, the more money is on the table. It is just a matter of finding the right company to help integrate the right software for your practice.
Electronic Health Records system funding is now available for most doctors and hospitals. EHR software systems are now being required for Medicare and Medicaid providers.
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