The million dollar question right now is ‘Why should we implement EMR/EHR now?’ most of the physicians ask themselves if they should wait until 2010 or 2011 to implement EMR/EHR? If you answered No to this then congratulations, because you just won the Medicare or Medicaid Stimulus Bonus Payments.
The key financial benefits and reasons for not delaying and taking immediate action for implementation of EMR/EHR includes:
Physician EMR Stimulus Incentive: From $44,000 to $64,000 in Medicare or Medicaid bonus payments for adopting EMR/EHR. Penalties are set for those physicians/hospitals who do not demonstrate meaningful use of EMR by 2015. So the sooner you start, the maximum you gain.
Electronic Prescribing: A successful E-Prescriber will 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 via EMR. Penalties will be unveiled in 2012 if your Practice is not using E-Prescribing
EMR Software Tax Deductions: The economic stimulus package boasts of 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.
Increasing Revenues: The investment in EMR/EHR software will pay for itself as the administration expenses will lower significantly and on the other hands revenues are deemed to increase as well.
So all this debate points out to one and one thing only, you should start planning about implementing EMR/EHR as soon as possible that is if you want to take advantage of the EMR/EHR incentives and are not eager to face the penalties. You are best advised to get started NOW.
