Newsletter
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Second Quarter 2009
Newsletter Special points of Interest in this Issue:
Volume 1, Issue 2
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American Recovery & Reinvestment Act (ARRA)
Recently, President Obama signed into law the American Recovery & Reinvestment Act (ARRA) and made $19 billion available for Medicare, Medicaid and Healthcare Information Technology (HIT). For Physicians who implement a certified Electronic Medical Record (EMR) solution and become meaningful users between 2010 and 2012 will be eligible for up to $44,000 each in incentive payments through the Medicare provision. Physicians who wait to become meaningful users between 2012 and 2014 will be eligible for lower payments. Physicians who have not become meaningful users by 2015 will not qualify for any payments and will be subject to increasing penalties. Incentives are based on lesser of either 75% of the provider's Medicare Part B billings or the maximum allowable incentive. What is Section 179? Section 179 of the IRS tax code allows businesses to deduct the total cost of qualifying equipment purchased or financed during the 2009 tax year. Whether you buy (or lease) you can deduct the FULL PURCHASE PRICE from your gross income. This incentive was created by the US Government to encourage businesses to buy equipment and make capital improvements. If you are a small or medium sized business owner who has purchased or leased computer hardware or software (off the self) in 2009 and placed it into service during the calendar year, then you need to elect the Section 179 Deduction. This will ensure that |
you capture all of the available tax savings.
Why You Should Not Wait If you have not purchased or leased equipment in 2009, you need to act now before the tax incentive is no longer available. As of today, The American Recovery and Reinvestment Act of 2009 has extended the one-year increase of Section 179 deductions through the end of 2009. The Section 179 Deduction will be phased out completely in 2010. Remember to act before year-end in order to receive this tax incentive. What savings are possible from Section 179 and the American Recovery & Reinvestment Act? When you combine the IRS tax code Section 179 and American Recovery & Reinvestment Act, big savings are possible. On a $25,000 EMR system investment, an office would receive, $8,750 cash savings through Section 179 and $18,000 in the first year of stimulus payments, through the American Recovery & Reinvestment act. This is a total of $26,750 in savings from the first year of adaptation. For most doctors making the transition to an EMR system can be financially daunting. However, through the use of both ARRA and Section 179, investing in your practice has never been easier.
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Recent Events: Tamarack recently exhibited at the Connecticut Chiropractic Association’s conference on April 23, 2009 in Cromwell, CT. While at the show they presented short demos of the software which included scheduling, EMR and billing. One key piece of functionality includes 70+ electronic pictures of skeletal body parts that can be “marked up” with a stylus/mouse pointer, to provide the chiropractor with an easy point of reference when creating/submitting records.
Upcoming Events: CMGMA June EXPO June 19, 2009, 8:00 AM– 3:00 PM The Aqua Turf Club Mulberry Street– Plantsville, CT Connecticut Chiropractic Council XTRAVAGANZA 2009 CONVENTION Mohegan Sun - Uncasville, CT September 20,2009, 8:00 AM– 10:00 PM |
Tamarack Hires New Senior Sales Consultant
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