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The HITECH Act in the American Economic Recovery and Reinvestment Act, provides an unprecedented opportunity for physicians to adopt the Electronic Health Record (EHR) to improve the quality, safety and cost-effectiveness of healthcare in America. To get the funding, you need to be fully utilizing and connected. That takes time and if you don’t get going, you will lose these dollars.
Funding is Front Loaded: While the incentive pool can be up to $44,000 for physicians filing under Medicare, $30,000 (close to 70% of the funding) comes in the first two years. It then decreases significantly every year thereafter. In other words, your plan needs to be in place now to ensure you don't miss the window of time when the incentives are the greatest.
Demonstrate Meaningful Utilization, Not Just Purchase or Implement: This incentive is not based on purchasing or implementing an EMR, it is about using one. So 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 healthcare providers and have your physicians 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 decreases over time and goes away after 2015. You are either operational in that time period or you lose the opportunity for the funding. In fact, penalties begin in 2015.
Incentives for E-Prescribe and PQRI worth $6,000 to $8,000 per physician, annually are already in place!
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