Medical Practices Beware! Time is Running Out To Avoid Electronic Medical Records Stimulus Penalties!
In less than three months, providers who haven't generated at least ten e-prescriptions will get hit with electronic prescribing MIPPA penalties - and believe it or not, many physicians practices have no idea this deadline is looming. Here's what doctors need to know to avoid electronic prescribing MIPPA penalties and earn e-prescribing incentives instead!
MIPPA penalties equal Medicare payment reductions
The "Medicare Improvements for Patients and Providers Act" (MIPPA) requires that medical providers, either sole practitioners or group practices, use e-prescribing by June 30,2011, or else they'll receive payment reductions to their Medicare payment claims due to upcoming Electronic Medical Records Stimulus Penalties:
- 2012 MIPPA penalties: 1% of Medicare payment claims
- 2013 MIPPA penalties: 1.5% of Medicare payment claims
- 2014 (and beyond) MIPPA penalties: 2% of Medicare payment claims.
Important! Providers must begin e-prescribing in 2011
Although payment reductions don't kick in until 2012, the time period on which the first MIPPA penalties will be assessed are based on any e-prescribing (or lack of) this year, in June 2011. Providers have until June 30, 2011 to generate at least ten unique electronic prescriptions. To avoid electronic prescribing MIPPA penalties, it is essential that all physician practices find an e-prescribing solution that is quick to deploy, quick to learn, and affordable!
The smart way to avoid MIPPA penalties
Doctors practices only have a few months to start e-prescribing if they don't want to pay MIPPA e-prescribing penalties in 2012. Doctors who put off e-prescribing under the assumption that it will cost more to buy an e-prescribing solution than to absorb MIPPA penalties are making a mistake. Electronic prescribing can cost just a fraction of 2012 MIPPA penalties, which also add up each year in increasing amounts! To qualify for MIPPA incentives, providers must demonstrate that twenty-five electronic prescriptions were generated, as opposed to the ten prescriptions that are required to avoid MIPPA penalties.
In addition to avoiding e-prescribing penalties, practices should also be aware of upcoming ARRA HITECH Meaningful Use Electronic Medical Records Stimulus funding that is also available in 2011.