Will the federal government pay for my EHR?
Not directly, but the full incentives made available between 2011 and 2015 are quite significant (a maximum of $44K/physician over 5 years) and will offset the cost of an AllMeds EHR. It is important to note that the law is designed to encourage physicians to implement an EHR sooner, rather than later. Because of the strategic manner in which the incentives are timed, you’ll see fewer incentive dollars if you put off your purchase and implementation.
Does the law provide loans or grants to pay for my EHR?
$2 billion has been set aside to establish a “technology loan fund,” but industry experts say these will be targeted toward Primary Care Physicians in medically underserved areas, community and rural health centers, and states with special projects.
Should I wait until 2010 or 2011 to purchase an EHR?
No! Targeting a purchase date of 2009 is the best way to ensure readiness for the 2011 ARRA incentives. Many practices take 3-9 months to search for and purchase an EHR. Additional time should be allowed for implementation, training and then allowing your staff to reach the law’s proficiency requirements. Therefore, if you make your purchase in 2009, a readiness timeframe of mid- to late-2010 is reasonable. If you’ve yet to begin the search for your EHR, the time to act is now!
Are the law’s financial incentives the only reason to purchase an EHR?
No. It’s likely that the direct benefits provided by AllMeds’ EHR will far outweigh the federal government’s incentive payments. AllMeds customers experience significant cost reductions, greater coding accuracies, and improved workflow efficiencies that allow for higher patient volumes and reimbursements. These “natural benefits” can provide more than a full ROI and a better bottom line in a short period of time.
