CMS is preparing to send out the first-ever batch of incentive checks earned by providers who met meaningful use under the Medicare Electronic Health Record (EHR) Incentive program. Supposedly, the first payments will go out by the end of this week, which effectively means later today or tomorrow.
There's one quirk worth noting. While the first-year EHR bonus is worth a maximum of $18,000 per provider, this payment won't be issued unless the providers who've earned it have at least $24,000 in Medicare allowed charges in 2011. You can meet meaningful use early in 2011, but not reach the $24,000 in allowed charges, and thus not be paid until you do.
Remember: The $18,000 check is the biggest of the five rounds of bonus payments that the government will issue to meaningful users of EHR. This check is also based on stage 1 meaningful use requirements, which will only get tougher with stages 2 and 3. TIP: You don't have to meet meaningful use requirements in 2011 to grab your $18,000 check. You can also complete your 90-day reporting period for meaningful use in 2012 and still get the same $18,000.
Because the incentive program requires you to demonstrate at least 90 days of meaningful use during your first year of meaningful use reporting, you effectively have until Oct. 1, 2012, to begin reporting the meaningful use measures to CMS.
How you get your money
For the lucky few providers who are so far ahead of the curve that they've already met meaningful use and can expect payment this week, CMS explained how the money will arrive in an email released May 18. "Payments to Medicare providers will be made to the taxpayer identification number (TIN) selected during registration for the Medicare EHR Incentive Program," the agency says.
The payment will be made via electronic funds transfer (EFT) or via paper check. For EFT payments, CMS will deposit the money into the "first bank account on file and it will appear on the bank statement as 'EHR Incentive Payment.'" NOTE: Your Medicare contractor won't make these payments. A third party contractor will get the privilege of delivering the cash.