The PM Group

EHR Program Deadlines Approaching

Steve — Thu, 23 Feb 2012 14:05:51 +0000

Practices and eligible professionals (EPs) must complete any 2011 reporting by the end of February for Medicare programs including meaningful use, e-prescribing and Physician Quality Reporting System (PQRS). For meaningful use, Feb. 29 is the last day for EPs to register and attest to receive an incentive payment for calendar year 2011.

Centers for Medicare Medicaid revises Rural Health Clinic Cost Rate CAP for 2012!

Steve — Wed, 22 Feb 2012 15:20:29 +0000

In accordance with the Social Security Act (Section 1833(f) at

http://www.ssa.gov/OP_Home/ssact/title18/1833.htm on the Internet), the Centers for Medicare & Medicaid Services (CMS) is increasing the CY payment rates for RHCs and FQHCs effective for services on or after January 3, 2012, through December 31, 2012 (i.e., CY 2012) as follows:

• The RHC upper payment limit per visit is increased from $78.07 to $78.54 effective January 1, 2012, through December 31, 2012 (i.e., CY 2012). The 2012 rate reflects a 0.6 percent increase over the 2011 payment limit in accordance with the rate of increase in the Medicare Economic Index (MEI).

Medicare contractors will not retroactively adjust individual RHC/FQHC bills paid at previous upper payment limits. However, they have the discretion to make adjustments to the interim payment rate or a lump sum adjustment to total payments already made to take into account any excess or deficiency in payments to date.

Note: This article was revised on January 31, 2012, to reflect a revised CR7533 issued on January 30. The CR was revised to provide the corrected 2012 payment rate increases for RHCs and FQHCs. The Medicare Economic Index rate that was previously published did not contain the productivity adjustment that is always used for determining the RHC and FQHC upper payment limit. This article reflects the corrected rates.

EHR Incentive Program Start-up Guides

Steve — Wed, 25 Jan 2012 14:49:21 +0000

CMS has created useful resources to participants in the Medicare
and Medicaid EHR Incentive Programs. A few new resources include:

An Introduction to the Medicare EHR Incentive Program for Eligible Professionals- this interactive guide walks EPs through every aspect of the Medicare program, and provides
helpful resources and tips along the way.
Updated User Guides- CMS has updated the registration and attestation user guides, which direct EPs and eligible hospitals through CMS’ registration and attestation system. There are five guides that all can be downloaded from the Educational Materials page of the CMS website.
Provider Testimonial Videos- these videos, which can be found on the CMS YouTube channel, highlight providers’ experiences participating in the EHR Incentive Programs.

Rural Health Clinic Cost Rate Cap for 2012

Steve — Tue, 17 Jan 2012 13:32:05 +0000

The RHC upper payment limit per visit is increased from $78.07 to $79.48 effective January 1, 2012, through December 31, 2012 (i.e., CY 2012). The 2012 rate reflects a 1.8 percent increase over the 2011 payment limit in accordance with … Continue reading →

ICD-10: Time to prepare in 2012

Steve — Tue, 17 Jan 2012 13:25:36 +0000

The implementation of the new ICD-10 diagnosis code sets are schedule for Oct. 1, 2013. But don’t wait until 2013 to begin your process of conversion. ICD-10 will increase from 15,000 to 140,000 codes that physicians and coders will need to understand.
ICD-10 will require changes in physician behavior and have an impact in every department or personnel in the physician’s practice.

In addition to identifying and upgrading information systems that use ICD-9, entities must simulate the impact of ICD-10 codes to identify areas where they may potentially gain or lose reimbursement, improve documentation by providers to successfully minimize risk and incorporate the ICD-10 codes, overhaul revenue cycles processes and train coders and workforce by the deadline.

I would recommend at this time reviewing the cost associated with implementing the ICD-10 codes into your practice. I would put together a implementation plan on time table for software upgrades and staff training. Do not wait until the last minute to open this can of worms.

Can you max out your IRA contribution at the start of 2012?

Steve — Fri, 23 Dec 2011 16:52:47 +0000

If you can do it, do it early—the sooner you make your contribution, the more interest those assets will earn. (If you haven’t yet made your 2011 IRA contribution, you can still do so through April 17, 2012.) The IRS has decided that IRA contribution limits won’t increase next year. In 2012 you’ll be able to contribute up to $5,000 to a Roth or traditional IRA if you are age 49 or younger, and up to $6,000 if you are age 50 and older (though your MAGI may affect how much you can put into a Roth IRA). The IRS has also boosted the income limits for a tax deduction for traditional IRA contributions. If you participate in a workplace retirement plan in 2012, the MAGI phase-out ranges will be $58,000– 68,000 for singles and heads of households and $92,000–112,000 for couples. (In 2011, those phaseout ranges are set $2,000 lower.) If you own an IRA, you aren’t covered by a workplace retirement plan and you are married and filing jointly, the 2012 phase-out range is $173,000–183,000 based on a couple’s combined MAGI, hiked by $4,000 from 2011.

Should you go Roth between now and the end of 2012?

Steve — Thu, 22 Dec 2011 16:04:32 +0000

While you can no longer divide the income from a Roth IRA conversion across two years of federal tax returns, converting a traditional IRA into a Roth before 2013 may make sense for another reason: federal taxes might be higher in 2013. Congress extended the Bush-era tax cuts through the end of 2012; that sunset may not be delayed any further. Some MAGI phase-out limits affect Roth IRA contributions. These phase-out limits have been adjusted north for 2012. Next year, phase-outs will kick in at $173,000 for joint filers and $110,000 for single filers. (The 2011 phase-outs respectively kick in at $169,000 and $107,000.) Should your MAGI prevent you from contributing to a Roth IRA at all, you still have a chance to contribute to a traditional IRA in 2012 and then roll those IRA assets over into a Roth. Consult a tax or financial professional before you make any IRA moves. You’ll want to see how they may affect your overall financial picture. The tax consequences of a Roth conversion can get sticky if you own multiple traditional IRAs.

Think about putting more in your 401(k) or 403(b)

Steve — Wed, 21 Dec 2011 14:31:29 +0000

In 2011, you can contribute up to $16,500 per year to these accounts, with a $5,500 catch-up contribution also allowed if you are age 50 or older. Has your 2011 contribution reached the annual limit? There’s still time to put more into your employersponsored retirement plan.

The IRS has announced 2012 contribution limits for 401(k) and 403(b) accounts, most 457 plans and the federal government’s Thrift Savings Plan (TSP). The annual contribution limit for each of these retirement plans will be $17,000 next year; the catch-up contribution again maxes out at $5,500. On a related note, SIMPLE IRA contribution limits won’t change next year. Up to $11,500 can be contributed to a SIMPLE IRA in 2012, $14,000 if you are 50 or older.

IRS Urges Taxpayers to Avoid Becoming Victims of Tax Scams

Steve — Mon, 28 Nov 2011 17:09:50 +0000

IR-2011-73, July 11, 2011
IRS YouTube Videos:
Tax Refund Scams : English
| Spanish |
ASL
WASHINGTON — The Internal Revenue Service today encouraged taxpayers to guard
against being misled by unscrupulous individuals trying to persuade them to file
false claims for tax credits or rebates.

The IRS has noted an increase in
tax-return-related scams, frequently involving unsuspecting taxpayers who
normally do not have a filing requirement in the first place. These taxpayers
are led to believe they should file a return with the IRS for tax credits,
refunds or rebates for which they are not really entitled. Many of these recent
scams have been targeted in the South and Midwest.

Most paid tax return
preparers provide honest and professional service, but there are some who engage
in fraud and other illegal activities. Unscrupulous promoters deceive people
into paying for advice on how to file false claims. Some promoters may charge
unreasonable amounts for preparing legitimate returns that could have been
prepared for free by the IRS or IRS sponsored Volunteer Income Tax Assistance
partners. In other situations, identity theft is involved.

Taxpayers
should be wary of any of the following:

Fictitious claims for refunds or rebates based on excess or withheld Social
Security benefits.
Claims that Treasury Form 1080 can be used to transfer funds from the Social
Security Administration to the IRS enabling a payout from the IRS.
Unfamiliar for-profit tax services teaming up with local churches.
Home-made flyers and brochures implying credits or refunds are available
without proof of eligibility.
Offers of free money with no documentation required.
Promises of refunds for “Low Income – No Documents Tax Returns.”
Claims for the expired Economic Recovery Credit Program or Recovery Rebate
Credit.
Advice on claiming the Earned Income Tax Credit based on exaggerated reports
of self-employment income.

In some cases non-existent Social Security refunds or rebates have been the
bait used by the con artists. In other situations, taxpayers deserve the tax
credits they are promised but the preparer uses fictitious or inflated
information on the return which results in a fraudulent return.
Flyers and advertisements for free money from the IRS, suggesting that the
taxpayer can file with little or no documentation, have been appearing in
community churches around the country. Promoters are targeting church
congregations, exploiting their good intentions and credibility. These schemes
also often spread by word of mouth among unsuspecting and well-intentioned
people telling their friends and relatives.
Promoters of these scams often
prey upon low income individuals and the elderly.
They build false hopes and charge people good money for bad advice. In the
end, the victims discover their claims are rejected or the refund barely exceeds
what they paid the promoter. Meanwhile, their money and the promoters are long
gone.

Unsuspecting individuals are most likely to get caught up in scams
and the IRS is warning all taxpayers, and those that help others prepare
returns, to remain vigilant. If it sounds too good to be true, it probably
is.

Important Updates on Registration for the EHR Incentive Programs

Steve — Wed, 05 Oct 2011 13:08:49 +0000

CMSwants to remind eligible professionals (EPs), eligible hospitals, and critical access hospitals (CAHs) of the key registration dates for the Electronic Health Record (EHR) Incentive Programs, and provide information to help them successfully register and start their path to payment for 2011.

Important Registration Dates to Remember

November 30, 2011– Last day for eligible hospitals and CAHs to register
and attest to receive an incentive payment for Federal fiscal year 2011.
February 29, 2012– Last day for EPs to register and attest to receive an
incentive payment for calendar year 2011.

When Should Providers Register?

CMS encourages providers to register for the Medicare and/or Medicaid EHR Incentive program(s) as soon as possible to avoid payment delays. Please note that not all states have launched a Medicaid EHR Incentive Program yet. Providers will not be able to complete their registration for the Medicaid EHR Incentive Program until their state’s program has launched and that state’s site has opened. Providers should check their state’s status.

Note:
Providers can register before they have a certified EHR and can also register if they do not have an enrollment record in PECOS.

Registration Resources

CMS has a number of resources to help providers successfully register for the EHR Incentive Programs:

Step–by–step registration guides, available on CMS’ Registration page

A number of FAQs about registration on the EHR
Incentive Programs website
Webinars on YouTube to help guide providers through the
registration process– one for EPs, and one for hospitals.

Want more information about the EHR Incentive Programs?

Make sure to visit the EHR Incentive Programs website for the latest
news and updates on the EHR Incentive Programs.