Practice Management Articles
"E" and Earn: Electronic Prescribing Goes Live in '09
Maxine Inman Collins, MBA, CPA, CMC, CMOM, CMIS
Very few businesses are immune to the financial impact of an economic downturn. While many practices closely examine spending in the new year, some are already beginning to see improved revenue with programs such as E-Prescribing and PQRI. As President Obama has said, the trend toward electrifying health care records will help improve efficiencies in health care. Practices can take advantage of incentives now by getting on board this year. In fact, scheduled reductions in reimbursement are outlined for physicians who are not e-prescribing by 2012.
From 2009 to 2013, Physicians could earn bonuses based on the total covered professional services provided during the one year reporting period(s). The following is a schedule of the bonuses that could be earned each year the Provider meets the requirements:
- 2009-2010: 2.0 percent of total allowed charges successfully submitted for each year.
- 2010-2012: 1.0 percent of total allowed charges successfully submitted for each year.
- 2013: .5 percent of total allowed charges successfully submitted for the year.
There are possible limitations that could apply for individuals not submitting at least 10 percent of total allowed Medicare charges that could have been submitted for the period and/or for failing to submit an adequate number of claims electronically.
In addition, the Center has provided a schedule of reductions in the Fee Schedule for Providers who are not e-prescribing by 2012 as follows:
- 2012: 1. 0 percent reduction
- 2013: 1.5 percent reduction
- 2014: And each subsequent year - 2.0 percent reduction
- The Secretary can issue Hardship Exceptions on a case-by-case basis.
The government appears to be pretty serious about the implementation of this new program. Don’t miss out on these additional funds if you have the opportunity to economically implement E-Prescribing in your practice. It not only improves medical record documentation, many experts also believe that electronic prescribing is a safer way to order/dispense medications.