October 1 marks another important meaningful use deadline—especially if you missed the opportunity to begin on July 1 and avoid the 1% Medicare payment adjustment in 2015. October 1 is the last day to begin meaningful use and avoid a larger penalty—a 2% adjustment in 2016.†
Additionally, if you begin by October 1 and attest by February 28, 2015, you are eligible for the remaining Medicare incentive payments—up to $24,000 over the next three years based on a percentage of your Medicare Part B billings.
This is the last chance to receive an incentive payment the Medicare program.
That’s right! If you haven’t started meaningful use yet, you’ll be subject to the 1% adjustment in 2015, but if you start meaningful use on October 1, you can avoid a larger payment adjustment in 2016 and qualify for incentive payments, which may take some of the sting out of that 2015 adjustment.
Check out the following CMS resources for more information:
- My EHR Participation Timeline
- Payment Adjustments & Hardship Exceptions Tipsheet for Eligible Professionals
† As of publication of this article, CMS has made no decision that would extend this deadline.