Stimulus Bill Incentives for Technology Purchase
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All MedIT EHR Vendors
are CCHIT Certified
Stimulus information
HITECH and Meaningful Use Consulting as Part of Your Implementation
The is $44,000 to $64,000 available for the purchase of certified EHR system for your medical practice. MedIT will help guide you in making sure your reach the meaningful use criteria as part of our ongoing support of your system.
What are the bonus payments that will be available to physicians under Medicare?
Under Medicare, physicians will be eligible for the following as soon as they can demonstrate “meaningful use” (beginning in 2011):
Why do it now?
- 2011 payments begin as early as May 2011
- MU requires just 90 days of continuous use in 2011 and a full year in subsequent years
- 70% of payments are in the first 2 years when bar is relatively low
- Vendors can implement you prior to January 1
- Best opportunity for vendor negotiation is now
- Implementation timelines will be extended for top ranked companies
$17 billion in incentives require proof of "meaningful" use
- Use of a certified product as determined appropriate by the Sec. of HHS
- The EHR technology must be connected
- Complies with submission of reports on clinical quality measures
Those that adopt first will benefit the most (declining incentives)
Physicians can earn between $44,000 to $64,000 over five years from Medicare / Medicaid if they are utilizing an EHR in 2011
- Late adopters will receive significantly less
- Providers may receive incentives under only one of the programs
- 2015: reductions in Medicare/Medicaid fees for non-EHR users
- Hospitals can earn up to $2,000,000 plus discharge bonuses (total payout to them could be $10 million +)
Why Physicians Should Engage NOW
- Funding for Stimulus is front-loaded
- Need to demonstrate meaningful use – purchase isn’t enough
- Funding is time stamped – goes away over time
- Solutions must be CCHIT-certified
- Best leverage for pricing is now. Supply and demand will dictate market pricing
- Implementation times will be delayed for those who wait
Leverage Existing Incentives NOW
- 2% from CMS for e-prescribing
- 2% from CMS for Physicians Quality Reporting Initiative (PQRI)
- Estimated $6-8k benefit per physician per year
Funding is Front Loaded
- $ 30,000 (close to 70% of the funding) comes in the first two years
- It decreases significantly every year thereafter.
- Don't miss the window of time when the incentives are the greatest.
You Need to Demonstrate Meaningful Utilization
- Purchase and Implementation are not enough. You must use it.
- Your group needs to move fast to ensure you have evaluated your workflows, developed your selection criteria, selected a vendor, developed your implementation plan, installed your EHR, connected to other providers and have your MDs fully functional.
- A lot to do in a short period of time
Funding is Time Stamped
- Your opportunity is timed-based
- For every day you don't implement, you lose a portion of the incentive.
- Funding starts in 2011, decreases over time and goes away after 2015
- You are either operational in that time or you lose the opportunity for the funding
- Penalties begin in 2015
Click here for more information about these ARRA and HITECH and the purchase incentives
