The American Recovery and Reinvestment Act of 2009 (ARRA) was signed into law by President Obama on February 17, 2009. ARRA includes more than $20 billion for healthcare information technology under the Health Information Technology for Economic and Clinical Health (HITECH) Act.
Anywhere between $44,000 and $65,000 in extra incentive payments over a five year period will be available to physicians demonstrating "meaningful use" of a certified EHR—including $18,000 in the first year for early adopters. These dollars simply add to the already compelling reasons to implement an EHR. However, acting quickly is crucial to receive the most incentive money and help soften the edge of these challenging economic times.
To gain the maximum amount of incentives, providers must have a qualifying records system in meaningful use by 2011. The incentives decrease year over year with penalties starting in 2015. Keep in mind that should you decline adoption and meaningful use of electronic health records by 2014, you will face increasing financial penalties.
Yes! The functions and connectivity of NetPracticeEHR and NetPracticeEHRweb will qualify you for these incentives, just as NetPracticeERX already qualifies for you the MIPPA ePrescribing incentive monies. Further, as criteria evolve we are focused on ensuring that our EHRs continue to meet all requirements for physician reimbursement under HITECH. Noteworthy Medical Systems GUARANTEES an ARRA-certified EHR in 2010.
The sooner you adopt, the more you benefit! Physicians who see more than 30% of Medicaid patients (20% for pediatricians) are eligible for up to $64,000 from 2011 to 2015. Physicians who accept Medicare but don't see significant Medicaid patients can receive up to $44,000 over the five years.
Those who fail to demonstrate meaningful use by 2014 will see a 1% decrease in their 2015 Medicare fee schedules, with increasing penalties over time.
Eligible hospitals must demonstrate "meaningful use" and performance but aren't required to have ePrescribing. Hospitals will receive incentive payments for the first five years under Medicare, the first six years under Medicaid. If a hospital does not demonstrate meaningful use by fiscal year 2015, its applicable Medicare percentage increase will begin to be reduced. The payment schedule for hospitals, while also divided into programs for Medicare and Medicaid, are much more complicated than for providers. For details, we recommend the HIMSS ARRA Summary (note this is a pdf).
As defined by HITECH...
Note: The functions and connectivity of NetPracticeEHR and NetPracticeEHRweb meet the current requirements for physician reimbursement under HITECH. Further, as criteria evolve we are focused on ensuring that our EHRs continue to meet all requirements.
For even greater detail on the financial breakdown of the stimulus bill in its entirety, click here.
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