The American Recovery and Reinvestment Act - 552 Words

In 2008, the American economy broke down. Known as the Global Financial Crisis, this is widely considered to be the worst financial crisis since the 1930’s when the stock market crashed and the Great Depression hit. On November 4, 2008, candidate Barack Obama was elected for the first term of his presidency. The following February, The American Recovery and Reinvestment Act of 2009—or the ARRA—was signed into effect by congress, and made into law by President Obama on February 17, 2009. This stimulus package was originally proposed to be 816 billion dollars, but was eventually raised to be 840 billion dollars in 2012. The purpose of this bill was to inspire confidence in the American people that the economy would be up and running again. The ARRA was intended to give money back to small businesses as well as the American families who ran and worked at these businesses. This varies from TARP, or the Troubled Asset Recovery Program, which was a bill that was aimed at bailing out banks in October 2008. TARP worked to allow banks in danger to participate in reverse auction, in order to sell their assets. In order to restore hope and eventually safeguard 900,000—2.3 million jobs, the ARRA was intended to be spent over the course of a decade. It was very strategically planned, however, not to be spent evenly during that time. Instead, the following arrangements were made: 185 billion dollars in the fiscal year 2009; 400 billion dollars in the fiscal year 2010; and 135 billionShow MoreRelatedThe American Recovery And Reinvestment Act1532 Words   |  7 Pagescriticized plans in his presidency, it did exactly what it was meant for, which was to fix the economy and create growth. After the crash of the market in 2008, Obama created the American Recovery and Reinvestment Act. The act was an â€Å"economic stimulus package†(Amadeo). The act would cost $787 billion. The act was meant to help families and small businesses instead of big business so that people in the United States could put trust into the system again which could stimulate spending and growthRead MoreThe American Recovery And Reinvestment Act1606 Words   |  7 PagesPeople believe the American Recovery and Reinvestment Act or ARRA had a centralizing effect, yet there are motives that support, as well as some that oppose the act. The act is sometimes referred to as The Stimulus or The Recovery Act. The United States Congress in February of 2009 passed this Act and it was signed in the same month, by President Barack Obama. The main goal for the Act consisted of maintaining and building jobs right away. The next goal was to offer momentary release plans for thoseRead MoreThe American Recovery And Reinvestment Act784 Words   |  4 PagesIntroduction The American Recovery and Reinvestment Act signed into law in 2009, includes the Health Information Technology for Economic and Clinical Health Act known as the HITECH Act. The act defined specific requirements for receiving financial incentives for ‘meaningful use’ of the electronic health record (EHR). Hospitals and providers could begin implementation of the requirements in 2011 to receive the incentives by meeting specific objectives, after 2015 failure to meet meaningful use requirementsRead MoreThe American Recovery And Reinvestment Act Essay799 Words   |  4 PagesOn February 17, 2009, the American Recovery and Reinvestment Act was instated. This fiscal plan was created to stabilize the economy while it was spiraling down out of control. At the time, the United States was experiencing many economic problems and was very close to a collapse. The American Recovery and Reinvestment Act was created by Barack Obama to save 900,000 to 2.3 million jobs. The plan ask ed for 800 billion dollars but had to be approved by congress first. This plan tried to end the breakdownRead MoreThe American Recovery And Reinvestment Act1301 Words   |  6 Pagesfor hospitals to institute meaningful use of electronic health records (EHRs) by 2011 (Adler-Milstein, Bates, Jha, 2011) (Murphy, 2010). The Meaningful Use Act is a complicated principle that is part of the American Recovery and Reinvestment Act (ARRA) as well as the Health Information Technology for Economic and Clinical Health (HITECH) act. Purpose The purpose of this paper is to describe the gravity of ARRA, HITECH, and meaningful use. It will attempt to do this by explaining ARRA, HITECHRead MoreThe American Recovery And Reinvestment Act Essay1746 Words   |  7 Pages2009, the president signed the American Recovery and Reinvestment Act or HITECH Act, which mandated that all healthcare providers must comply and begin to transition to electronic medical records (EMR) and demonstrate â€Å"meaningful use.† This act set up a timeline, which established that practices and hospitals needed to be up and running with EMR in order to continue receiving reimbursements from federal programs like Medicaid and Medicare. In order to understand this act and what it accomplishes, weRead MoreThe American Recovery And Reinvestment Act1596 Words   |  7 PagesOverview of Meaningful Use The American Recovery and Reinvestment Act (ARRA) of 2009 identified three main components of meaningful use: the use of a certified EHR in a meaningful manner, electronic exchange of health information to improve quality of care, and the use of technology to submit clinical outcomes and quality measures (Heath Resources and Service Administration, n.d.). ARRA includes many measures to modernize our nation’s infrastructure, with the â€Å"Health Information Technology for EconomicRead MoreThe American Recovery And Reinvestment Act1513 Words   |  7 Pages In 2009 The American Recovery and Reinvestment Act (ARRA) allocated approximately $19 billion to support physicians and hospitals in attaining meaningful use of health information technology (HIT). The meaningful use program is intended to facilitate providers to amass and save patient data such as allergies, health history, lab results, health center visits in the electronic health record (EHR) and securely communicate these records with other health entities and governmental agencies (OracleRead MoreThe American Recovery And Reinvestment Act1048 Words   |  5 Pagescore criteria, and recommendations for additional criteria. Overview of Meaningful Use In 2009, the American Recovery and Reinvestment Act (ARRA) were passed by the Obama legislation to try and improve healthcare for Americans by reducing costs and improving quality. The ARRA is commonly known as the ‘stimulus package’. The Health Information Technology for Economic and Clinical Health (HITECH) act was part of the ARRA to help improve our country’s infrastructure. HITECH supports electronic healthRead MoreThe American Recovery And Reinvestment Act2542 Words   |  11 PagesExecutive Summary The American Recovery and Reinvestment Act made an investment in the year 2009 to encourage the adoption and implementation of the electronic health records (EHRs)(Cite). EHRs incentive payments were authorized through Medicare and Medicaid to clinicians and hospitals when they privately and securely used EHRs for achieving improvements in care delivery by the Health Information Technology for Economic and Clinical Health Act (HITECH). The healthcare organizations are expected to