The Medicare EHR incentive program offers financial rewards and penalties to eligible providers for the use of EHRs. At the beginning of 2015, providers who are eligible for the Medicare EHR incentive program must be able to demonstrate meaningful use.
If they’re unable to demonstrate meaningful use:
- They’ll be penalized between 1% of Medicare Part B reimbursements to a maximum of 5%.
If they’re able to demonstrate meaningful use:
- They’ll receive a financial reward equal to 75% of their annual Medicare Part B allowed charges up to a maximum yearly amount, as shown in this chart:
Keep in mind, payment adjustments are based on achieving Meaningful Use two years prior to the adjustment year, which means providers starting in 2013 avoid a penalty in 2015; however, providers starting in 2014 will only avoid a 2015 penalty if:
- They start their reporting period before July 1st, 2014.
- They demonstrate meaningful use before October 1st, 2014.
Ultimately, the Medicare EHR incentive program offers a unique opportunity for you to demonstrate the quality of care you’re able to provide while increasing your revenue through financial rewards.
How Does the Medicaid EHR Incentive Program Work?
On the other hand, if you serve Medicaid patients, you’re able to earn up to $63,750 in incentive payments as part of the Medicaid EHR incentive program. If you participate in the program, you’re able to receive payments for a six-year period, as shown in this chart:
Feeling worried about Medicare penalties? If you can prove that demonstrating meaningful use results in substantial hardship, you’re able to apply for a hardship exception. If you’re interested in applying, you must:
- •Complete an application.
- Provide proof of the substantial hardship.
But, even if the application is approved, you’re exemption must be approved again for subsequent years.
To learn more about the Medicare or Medicaid EHR incentive programs, give us a call at (888) 505- or send us an email at email@example.com. Vertical IT can help you achieve meaningful use to avoid penalties and obtain financial rewards.