7 Reasons to Purchase EHR by end of 2011
Posted on Wed, Dec 21, 2011 @ 03:22 PM
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5010 Compliance Deadline Jan 1, 2012
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Free iPad 2 promotion thru 12/31/2011
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Tax Savings from Section 179 by 12/31/2011
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Def financing on license fees by 12/31/2011
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$44,000 - $63,750 stimulus payment
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No down payment required with GroupOne
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Become a Modern and Paper Free Practice in 2012 – New Year’s Resolution
1. 5010 Compliance Deadline Jan 1, 2012
Any electronic claims or bills which are electronically submitted after Jan 1, 2012, that are not in HIPAA 5010 will get rejected.
The deadline for implementation of the 5010 format for electronic transactions, January 1, 2012, is quickly approaching. All trading partners must be compliant on that date. For providers, being compliant means that your electronic transactions will be successfully received by payers in 5010 format and that you are able to successfully receive 5010 transactions any payer sends to you.
This industry-wide change is a huge undertaking involving all entities who exchange data electronically; not only trading partners – providers and billing services, clearinghouses and payers – but the vendors who offer tools to support them. That’s where GroupOne and eClinicalWorks can help.
2. Free iPad 2 promotion thru 12/31/2011
Through December 31, 2011, GroupOne Health Source will be giving a free iPad 2 to each new licensed provider who signs an agreement to partner with GroupOne for their medical billing services or signs a OneRate agreement from GroupOne Health Source. In addition, the OneRate solution includes complimentary use of the certified eClinicalWorks EHR system.This offer is exclusive to new GroupOne clients.
For Details of free iPad2 offer, READ THIS.
Already own an iPad? You can choose between a free iPad 2 OR you first month of billing services will be COMPLIMENTARY to your practice. It is your CHOICE!
3. Tax Savings from Section 179 by 12/31/2011
Reduce your 2011 Income Taxes by 30%-40% of Cost of EMR and qualify for up to $63,750 in HITECH Payments; receive double savings for the buck. Act by end of the year.
Practices may immediately depreciate (expense) up to $500,000 on their 2011 Tax Return.
Most practices try to avoid paying income taxes. Tax Code 179 helps you do so. Practices may expense the full cost (up to $500,000) of their equipment/software purchased by 12/31/11.
For example, if you buy $50,000 worth of equipment/software, you can expense the full $50,000 to reduce your taxable and self employment income.
Assume taxable income is $200,000 with effective combined tax rate of 35% prior to using Tax Code 179. Now with the $50,000 expense, the taxable income is only $150,000 and out of pocket taxes have been reduced by $17,500!
Any amount purchased over the $250,000 limit can typically be depreciated under the 2011 50% Bonus Depreciation system.
As each entity or individual situation is different, please contact your tax advisor regarding such matters. This information represents GroupOne’s interpretation of the various issues presented and should not be considered legal or tax advice. It should be used for informational purposes only.
4. Deferred financing on license fees by 12/31/2011
Any provider who signs a new eClinicalWorks license purchase agreement with GroupOne by 5:00 PM CST on December 24th, 2011 will be eligible to defer, interest free, eClinicalWorks license fees over a 12 month period. The fees can be spread out over 12 equal, monthly installments.
Since stimulus payments have begun, you effectively could receive stimulus payments of $18,000 - $21,250 per provider before you pay the majority of the costs for your new, ONC-Certified eClinicalWorks EMR system.
For more information on the the special deferred payment promotion, READ THIS.
5. $44,000 - $63,750 stimulus payment
To receive the maximum incentive payment under the Medicare plan, Providers must be utilizing a certified EHR prior to 10/1/2012. Thousands and thousands of providers will try to implement a EHR system prior to the deadline, which translates into very crowded vendor implementation calendars. Transitioning to meaningful use of an EHR can also take some time. Its prudent to start the process as soon as possible.
6. No down payment required with GroupOne
Unlike other vendors, GroupOne does not require a down payment or deposit when you sign GroupOne's agreements. Payments are deferred until you are ready to implement your EHR.
Sign our agreements prior to the end of the year to take advantage of the end of the year benefits and promotions and to reserve your spot on our implementation calendar - without current out of pocket cash.
7. Become a Modern and Paper Free Medical Practice in 2012 – New Year’s Resolution
The transition to a modern medical system is no longer a question of if, but when. The benefits are numerous, for your practice, patients, staff and overall lifestyle. This could make a great New Year's Resolution.