The American Recovery and Reinvestment Act earmarked billions of dollars in Medicare bonuses available to hospitals and physicians to encourage spending on healthcare information systems. Payments are available beginning 10/1/10 for hospitals and 1/1/11 for physicians. However, these incentives will turn into penalties for late adopters starting in 2015. The key to earning the bonus is demonstrating the somewhat nebulous "meaningful use" standard.
This carrot and stick framework is encouraging a number of our clients to jump in early and try to maximize the available federal dollars as a subsidy for their healthcare IT investment. The benefits of an integrated information system have long been touted to include:
- Reduced billing costs
- Reduced transcription costs
- Reduced duplicative testing
- Lowered risk of medication errors
- Streamlined prescription refills
- Improved coding
If you have questions about getting the most of a potential healthcare IT expenditure, consider using Katz, Sapper & Miller as an independent consultant for software selection. We will work with you to capitalize on the available federal funding and maximize your strategic technology alignment needs. Do not hesitate to contact us for a free initial consultation.