Electronic Medical / Health Records (EMR / EHR)
The American Recovery and Reinvestment Act (ARRA) include more than $19 billion in funds for healthcare IT. It is focused on implementation of electronic health / medical records, also known as EMR/EHR.
Physician practices that implement EMR/HER by 2011 qualify for additional per-physician Medicare payments ranging from $44,000 - $64,000 over the 5 year incentive period. Those who implement after 2014 receive reduced reimbursements. Practices not implementing EHR will see their Medicare payments decrease 1 percent starting in 2015, dropping to a maximum of 5 percent in 2019 and beyond.
EMR and EHR are not the same.
EMR is the electronic, person-specific record of health-related information that is created and managed and consulted within a single healthcare system or organization. It is the legal record of services provided.
EHR is the electronic, person-specific record of health-related information that compiles information from multiple EMRs.
Chase Industries will finance 100% of the EMR/HER software cost and all hardware that may be included. Terms are up to 60 months and can have several end of term options including $1.00, 10%, and FMV. We also will prefund most EMR vendors so they can build the software specific to the practice.
There are 3 models that are currently being used.
- The traditional server model where the hardware server is resident at the physician’s office. This is owned by the practice.
- A virtual server model where the server and backup are located at remote location and serviced by the EMR vendor. The server is typically owned by the medical practice.
- The cloud based system or SaaS where all the data is stored on a remote server owned by the EMR vendor. The computers are resident at the doctor’s office but they access all information via the web and pay a monthly service fee for all services.
We have been financing many EMR/HER installations and believe this to be the future of medical records
If your practice is interested in financing for the EMR /EHR transistion, we invite you to contact us toll free at (800) 968-5000 and discuss your equipment and software needs with our medical financing specialists.