Should you wait until 2010 or 2011 to implement an EHR / EMR?
If you answered No, then congratulations, because you just won the Medicare or Medicaid Stimulus Bonus Payments. Target a purchase date of 2009 to ensure your readiness for the 2011 Medicare and Medicaid Incentives Payments kick-off.
It can take 2 to 4 months to research, review, select, purchase and then implement an EMR / EHR software system. Considering that there are over 300 EMR system vendors on the market, an attempt to find that "perfect-fit" at the right price EMR, and understand the functional, non-functional, technology, and office related environmental variations among the sea of vendor offerings, could make you miserably confused, frustrated, exhausted, and drive you stir crazy. Ask anyone who has really tried.
Then, plan on another 1 to 2 months of precious time for set-up, training, implementation, get up and running. Finally, add an additional 5 to 8 months to really have your staff attaining the proficiency requirements required by law , ensuring you get paid the Bonus Incentive Dollars. Thus, if you make your purchase in 2009, you can reasonably expect to be ready by mid to late 2010. and well on your way to receiving all the Free Incentive Dollars available. If you've yet to begin the search for your EMR / EHR, the time to act is now!
Here are the key financial benefits and reasons not to delay and take action now for the selection and implementation of a certified EMR system:
Physician EMR Stimulus : From $44,000 to $66,000 in Medicare or Medicaid bonus payments for adopting a certified electronic medical records software. Penalties start setting in, if meaningful use is not demonstrated by 2015. The later you start, the more you stand to lose.
Electronic Prescribing (eRx) : For the 2009 and 2010 e-prescribing reporting years, to be a successful e-Prescriber and to receive bonus payment of 2% on allowable Medicare Part B charges, an individual eligible professional must report one e-prescribing measure in at least 50% of the cases in which the measure is reportable by the eligible professional. Select a Certified EMR Software system with Electronic Prescribing and start saving now. Penalties will start being levied in 2012 if your Practice is not using electronic prescribing. Click here to download the 2009 E-Prescribing guide from Medicare.
EMR Software Tax Deductions: Under the existing law, medical offices are allowed to write-off up to $250,000 of EMR expenses in the first year of ownership, even when purchased under a lease or financing agreement. The economic stimulus package provides for an extra 50% bonus tax deduction in 2009. For example, if the purchase amount is $300,000, the first $250,000 can be written-off in year 1, leaving the difference of $50,000 to be depreciated over several years. However, in 2009 an additional bonus amount equal to 50% of that difference (or $25,000) can also be written-off (for a total deduction of $275,000). This is a significant and tangible value for all medical practices that update, replace, or add any software and or capital equipment in 2009.
Expedite the time of implementing EMR software: There is no doubt that investing in EMR / EHR software will pay for itself through increasing revenues and reducing administrative costs. However, if you are not so keen on committing to the initial investment of cash, leasing, or financing, you have the option of virtually eliminating upfront capital costs by opting for one of our web-based EMR systems. This option gets you up and running for just a few hundred dollars a month and you can start earning your bonuses and other incentives right away.
The bottom-line – Start planning NOW
If you want to take advantage of the EHR incentives, you are best advised to get started NOW. You don’t necessarily have to commit to a buying decision now, but you should start your planning process now. Connect with a well-informed and reputable Independent Consultant Firm and get informed, stay informed and above all, don’t procrastinate. It is sure to save you a lot of time and headache.
Ready to get started? Act Now
RevenueXL can assist you in weaving through the tremendous maze of choices and uncertainties in assuring that you select the right Certified EHR designed to complement the work style and clinical approach of every physician in your practice.
Our consulting services do not cost you anything. So why not contact us today for a FREE DEMO of an EHR for your specific specialty by simply completing our FREE Demonstration Form.