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There are multiple benefits of implementing an EMR, both monetary and operational. When managed correctly, these benefits will provide your medical office with incentives that will practically cover the cost of the system, as follows:
• The Federal Government's American Recovery and Reconstruction Act's stimulus package provides medical practices with incentives to purchase an EMR which can add up to as much as $64,000 over a five year period.
• Existing CMS e-Prescribing incentives provide medical practices with a bonus of up to 2% of Medicare payments in a specific year. This bonus can be $2,500 or more for a calendar year;
• The IRS Section 179 incentives allow for tax deductions for investments in information technology, such as software systems. For example, if software were purchased in 2009 at a price of $15,000, the practice would be able to write off the full amount of the purchase in that fiscal year. Assuming a tax rate of 35%, the potential tax benefit would be $5,750 in the year of purchase;
• When joined together, the monetary incentives go a long way towards paying the cost of Electronic Medical Record software for the practice;
Other benefits include cost savings from reduced chart creation and management costs, improved access to patient information, simplified patient documentation, among others.
Contact a MedStar representative at 866-775-7779 or via email at info@medstarsystems.com for more information about our EMR and other systems to improve your practice.
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