•Maximum payments based on 75% of Medicare claims (providers billing at least $24,000 would claim maximum $18,000 bonus)
American Recovery & Reinvestment Act
On February 17, 2009, President Obama signed into law the American Recovery & Reinvestment Act (ARRA) to stimulate the U.S. economy. The bill allots over $60 billion to encourage the use of electronic Medical Records throughout the medical community: $46 billion towards pay-for-performance, and $14 billion in grants.
Physicians will have to choose either Medicare or Medicaid incentives; they cannot get both. While hospitals can apply for both Medicare and Medicaid incentives, children?s hospitals cannot. Incentives for meeting the requirement are projected as follows:
Medicare: Physicians who accept Medicare can receive up to $44,000 over the five-year period. Physicians who practice in a ?provider shortage? area are eligible for an additional 10% incremental increase. Providers such as anesthesiologist or pathologist, who deliver care entirely in a hospital environment, are ineligible. Beginning in 2011, physicians who can show "meaningfully use" of an approved HIT system are eligible to receive up to 75% of their allowable Medicare charges as an incentive, providing it does not exceed the maximum incentive payment allowable for that year.
"Early adopters" are considered those who implement an HIT system by 2011, which is the first year that incentives will be available or at least by 2012, will receive an even higher payment ceiling, i.e. as much as $18,000 the first year they adopt the technology. For example, if a physician's allowable charges in 2011 or 2012 total $24,000 or more, the full yearly bonus would total $18,000.
Medicaid: Physicians seeing more than 30% of patients paying with Medicaid or 20% for Pediatricians, are eligible for payments up to $64,000 over five years. Individual doctors can get as much as $25,000 in year-one of the Medicaid incentives to partially offset the initial cost of the technology. Physicians can then earn up to $10,000 annually for four additional years to support "meaningful use" of EHR.
What we are doing: ProvidrSoft® is working quickly towards providing a fully integrated EHR solution with our ProvidrSoft® Practice Management System. We have already signed agreements with LabCorp and Quest Diagnostics as well as with Allscripts for e-Prescribing. We are currently working with Prematics to come to an agreement with them as well. We are working hard towards a system that will meet and exceed the CCHIT certification requirements.
With features like electronic laboratory results and orders, e-Prescribing capabilities, comprehensive electronic documentation of patient visits and much more. The ProvidrSoft® EHR will enable your practice to produce the necessary data requirements to meet the government incentive programs. Best of all it is free if you currently use or purchase our ProvidrSoft® Practice Management System. It is not an add-on like most other vendors. Meaningful Use: To be eligible for incentives physicians must be able to demonstrate "Meaningful Use" of the health care IT EHR solution.
The EHR in use must be certified and include these functions:
Allow for connectivity to other providers to improve access to a patient's health history
The ability to report on the usage of the EHR technology in your practice to HHS
It's not enough to have the EHR in place but you must be using the key elements in order for your use to be considered "meaningful". Please keep in mind the federal government is still refining the "meaningful use" definition and we are hoping to see the final definition by the end of 2009.
To learn more about the Stimulus Bill and what it means to your practice, contact ProvidrSoft® at 317-822-5005 x114.