Tag Archives: ehr

Still time to register for Maryland Payor’s Incentive webinar next week

If you haven’t heard of this program or understand how to participate, you may be losing literally tens of thousands of dollars from your insurance Payors.

This is worth the hour of time to find out how you can collect on Maryland’s State Payor EHR Incentives of up to $15,000 per Payor!

Presented by Craig Behm, Executive Director of the Maryland State Medical Society’s MedChi Network Services (medchihit.org).

Space is limited.
Thursday, June 7th, 12:00-1:00 p.m.
Reserve your Webinar seat now at:
https://www4.gotomeeting.com/register/343610159

Available to all Maryland primary care physicians.

Maryland Docs can get up to $90K for EHR adoption from Insurance Payors

Are you receiving all the money available to you? With this state program, you may be entitled to even more, regardless of whether you plan to participate in the federal government’s ARRA stimulus program. Read on for details from our friends at MedChi Network Services, a division of the Marland State Medical Society.

State-Regulated Payor EHR Adoption Incentive Program

Maryland requires state-regulated payors to provide cash incentives to primary care practices for adopting electronic health records (EHRs). Aetna, CareFirst, Cigna, Coventry, Kaiser Permanente, and United Healthcare must provide a one-time payment to family practitioners, general practitioners, internists, pediatricians, geriatricians, and gynecologists. The total incentive will consist of two separate payment categories: Base Incentives and Additional Incentives. The maximum incentive is $15,000 per practice per payor.

Base Incentives

The base incentive derives from the payor’s share of members treated by the practice. It is calculated at $8 per member up to $7,500 and is limited to Maryland residents. Practices calculate the number of members by either counting the total number of members on the practice panel when the payor assigns a primary care provider, or by determining the total number of members treated by the practice in the past 24 months.

Member eligibility is based on enrollment with the payor at the time a practice makes an incentive request. Payors may exclude members from the incentive calculation if that member was previously included in a different practice’s incentive calculation.

Additional Incentives

The additional incentives are awarded to practices that achieve one of three supplementary goals associated with EHR adoption or use within the immediate 90 days prior to requesting an incentive. The amount will equal $7,500. Practices will receive additional incentives for meeting one of the following:

  • Contracts with a state-designated Management Services Organization (MSO) or MSO in Candidacy Status for EHR adoption or implementation services
  • Demonstrate advanced use of an EHR
  • Participate in quality improvement initiatives and achieve established goals

EXAMPLE

Reimbursements for a practice who sees patients from all 6 payors.

Payer     #Patients      $/Patient              Base         Add’l          Total
Cigna               500         x  $8 =          $4,000    + $7,500 =   $11,500
Coventry         100         x  $8 =              $800    + $7,500 =    $8,300
Kaiser                  2         x  $8 =                  $16    + $7,500 =     $7,516
United             937         x  $8 =           $7,500    + $7,500 =   $15,000
CareFirst         100         x  $8 =              $800   + $7,500 =     $8,300
Aetna                 65         x  $8 =              $520    + $7,500 =     $8,020
Total subsidy paid to practice:                                                 $58,636

Application Process

Practices must apply to each payor by submitting an Incentive Application and a Payment Request. The incentive application can by submitted any time before December 21, 2014. The payor will then send an acknowledgement letter, and the payment request can be submitted no earlier than six months after the application was submitted. Payors are required to adjudicate claims within 60 days and may pay out the incentives over a period of 12 months.

MedChi Network Services will work closely with practices to review how these incentives apply to their specific situation and to receive full payment as soon as possible. Contact Morgan Opie, MedChi Network Services Coordinator, at 410-878-9688 or at mopie@medchi.org.

Use Leasing to Help You Meet Meaningful Use

Today, leasing is a $200 Billion + industry annually. Eight out of 10 American companies rely on leasing to acquire assets.

The ability to leverage purchasing power and take advantage of tax deductions makes leasing a viable option for physicians looking to invest in an EMR and qualify for reimbursement money under the ARRA stimulus program, or any other business improvement need.

Rather than borrow from your credit lines or liquidate investments, consider the benefits of leasing equipment or financing software and move sooner rather than later toward where your practice needs to be.

Consider this scenario: Your EMR will cost $15,000. Once implemented, your practice stands to receive $18,000 in stimulus money in the first year of use.

Meaningful Use criteria for year one attestation requires 90 days of EMR use, meaning your EMR must be operational no later than October 1st, 2012.

Allowing for implementation time of up to 90 days, you need to act sooner rather than later to make the deadline this year.

So, rather than invest $15,000 cash up front, with just one up-front monthly payment, a lease might look something like this:

Equipment/Software Cost: $15,000.00
1st year tax savings*: $2,625.00
Cost of new equipment/software: $12,375.00 (after tax savings*)

Select your preferred payment and term: 

Lease term and payments

*Consult with your tax adviser.

Lisa Hartley, Vice President of Univest Capital, explains that “Most of our customers lease for one or more of these reasons.  In addition, for applications of $100,000 or less, no financial information is required by our firm.”

Reason 1: CASH FLOW MANAGEMENT
Why outlay cash that you might need for something else? Financing lets you match revenue with expenses through a lease/purchase.

Reason 2: LOW MONTHLY PAYMENTS
With a financing program, payments stay the same no matter what happens to inflation over the life of your lease. Plans can be customized to meet your monthly budget so there are no surprises.

Reason 3: LEVERAGED PURCHASING POWER
Many companies make the mistake of thinking they should only acquire the equipment they can afford at a particular time. This leads to cutting corners in quality or not getting what you really need for long-term growth. By evaluating your true equipment needs, leasing will provide an effective vehicle to secure exactly what will help your business today, tomorrow and in the future.

Reason 4: PRESERVE CREDIT LINES
Quick access to leasing lets you leave your existing bank credit lines alone, making it available for potential short-term needs like marketing, payroll, inventory and supplies.

Reason 5: CONVENIENT 100% FINANCING
It is not unusual for a customer to bundle project costs into a lease. This means you can take the software you need financed, and then add any hardware, maintenance, training, installation, even the shipping, all into one payment plan. You may even finance the sales tax.

Reason 6: TAX ADVANTAGES
Some leases allow customers to treat monthly payments as a fully deductible operating expense. Your tax advisor can best help determine your eligibility for this tax benefit. Section 179 of the IRS tax code illustrates an example of this advantage.

Univest approves leases in just hours. For more information on leasing, contact Lisa Hartley at Univest Capital, Inc., 866-604-8160 ext. 127.