Kerry proposes small biz health IT loan guarantees
By Mary Mosquera
Monday, November 16, 2009
Senate Small Business Committee chairman Sen. John Kerry (D-Mass.) introduced a bill to authorize loan guarantees of up to $1.8 million for small medical practices to purchase electronic health record systems.
Under the bill, individual physicians could borrow up to $350,000 and small practices up to $2 million for health IT. The Small Business Administration would guarantee up to 90 percent of the loan, according to the terms of the legislation, introduced Nov. 10
The Small Business Health Information Technology Financing Act, S. 2765, would include physicians and other health practitioners as eligible small business professionals.
The electronic health records must support the requirements for meaningful use, including health information exchange, quality measures reporting, evidence-based decision support and “enhancement of consumer and patient empowerment,” according to the proposed legislation.
“Access to capital for small health providers not only benefits patients but also boosts small businesses in the medical field,” Kerry said when introducing the bill.
The Health and Human Services Department must issue the meaningful use requirements before the loan guarantees can be offered.
Information about the bill is here.
