While the vast majority of physicians know about the incentive bonuses they can earn by implementing an electronic health record (EHR) and meeting meaningful use, barely a third know that failing to do so by 2015 will result in a Medicare payment penalty. This significant discrepancy in knowledge was uncovered in a survey of 500 physicians by Physicians' Reciprocal Insurers (PRI).
Just so you know: The Medicare EHR Incentive Program does indeed conclude in 2015, and is replaced by a series of increasingly severe payment penalties to practices who do not meet meaningful use. Not having an EHR is the same as not meeting meaningful use. The penalthy starts off at 1% of annual Medicare payments in 2015, up to 5% in 2020.
Surprisingly, once the PRI survey revealed the terms of the penalties to its respondents, more than half those who didn't know about the penalty said they wouldn't change their mind.
Look for our own Part B News EHR survey in your mailboxes soon, and continuing analysis and coverage on the topic of not implementing EHR and meeting meaningful use in a future issue.