President Obama's Administration is ready to pay you for switching to an EMR System!
The new emphasis on digital medical records from the Obama administration will create significant momentum towards the adoption of an EMR system. However, unlike other administrations that have often put forth unfunded mandates, the Obama administration has put in place financial incentives to reward physician practices, and hospitals, for implementing an EMR system before 2014. After this date, they will face penalties.
Highlights
- Establishes the Office of National Coordinator for Health Information Technology (ONCHIT) within the Department of Health and Human Services.
- Allows for financial incentives, over 5 years, of $44,000 to $64,000 for physicians, and up to $11 million for hospitals, that implement an EMR system prior to 2014.
- After 2014 there will be a penalty for those that fail to adopt an EMR system, which will lead to a decrease in Medicare reimbursements.