• E-Prescriptions May Come To Neighborhood Pharmacies
• Female Businesses Add Greatly To Economy
• Gene’s Corner

Editor’s Note

Periodically, Washington Watch welcomes guest writers to offer ways to improve your business or just make day-to-day life a bit easier. This week NASE lead small-business consultant Gene Fairbrother stops by to offer financial planning tips. Make sure to look for “Gene’s Corner” to find out what to think about before opening a new retirement account. Signed, The Washington Watch Team

E-Prescriptions May Come To Neighborhood Pharmacies The federal government continues to ramp up efforts to promote greater utilization of health IT by medical professionals. The Centers for Medicare and Medicaid Services (CMS) announced that the development of guidelines for electronic prescriptions will be intended for use in the Medicare program. “E-prescribing can improve quality of care by reducing errors, and can also help save the Medicare program money and the beneficiary from paying higher out-of-pocket costs,” CMS Acting Administrator Kerry Weems said. “Developing the standards that will facilitate e-prescribing is one of the key action items in the federal government’s effort to build a nationwide, interoperable electronic health information infrastructure in the United States.” In addition to curbing the number of negative prescription drug reactions each year, supporters say the technology would indicate which drugs are covered by a Medicare patient’s plan and whether or not a lower-cost alternative is available. The guidelines will supplement a current list, adopted early last year, which regulates the protocol for filling and processing prescriptions. While e-prescriptions are not mandated, certain health plans, including Medicare, are required to have the infrastructure to support the technology. This comes as part of a larger effort to promote the use of health IT among physicians, hospitals and other providers. Though a priority of Bush Administration and supported in Congress by both sides of the aisle, the adoption of health IT within the medical community has been slow due to compliance costs and other factors. More information about e-prescribing and the new guidelines proposed by CMS can be found at http://www.cms.hhs.gov/EPrescribing.   Female Businesses Add Greatly To Economy   Current estimates place the total number of women-owned and women-led businesses at 7.5 million, contributing about 12 percent of the gross domestic product. These results were released as part of a ground-breaking study commissioned by the National Women’s Business Council, a federal advisory organization that offers policy recommendations to Congress. Previous studies incorporated data regarding companies that were at least 51 percent women-owned. At this time, data regarding the number of businesses in which a woman owns a percentage of the business at least equal to any other owner and where a woman or women managed day-to-day operations is also available. The latter firms are referred to as “women-led.” Significant findings about these businesses include the following: Although 84% of all Women-Owned and Women-Led firms (WOWL) had no employees, 86% of all WOWL firm revenues were generated by the 16% of firms with employees. There was no dominant level of education among WOWL businesses. Business owners with bachelor’s degrees had the highest rate (22%), while those without a high school degree had the lowest participation rate (5%). While Women-Led firms had higher receipts per firm than Women-Owned firms, they paid their employees less, on average, than Women-Owned firms on a national basis. Tami Longaberger, Chair of the NWBC and Chair and CEO of The Longaberger Company, released the following comments in a prepared statement: “The research and policy communities should incorporate the data on women-led businesses in the dialogue on women’s business ownership in the U.S. to more accurately capture the true economic impact of women business owners.” To read complete survey results, visit the National Women Business Council’s site, www.NWBC.gov. Gene’s Corner While there are exceptions to every rule, finding the right retirement plan starts with determining how much cash a person can afford to contribute to their plan. Before committing to one particular plan, here are some things to consider: Review the history of your past retirement contributions; what type of investments has your retirement been put into and what return has it earned? Get a professional overview of your past planning and future needs. Even if you self direct your retirement investments, it is well worth a few hundred dollars to get a professional “second opinion” and some fresh ideas on how you can achieve more. Evaluate your “retirement position” at least annually if you are less than 45 years old and at least twice a year if you are 45 or older. Is your plan on track to produce the retirement lifestyle you want? Do you need to redistribute to other types of investments? Washington Watch Online Visit the NASE Advocacy Web page to view archived editions of Washington Watch. While you’re there, read the latest updates from the Washington, D.C. office, write your Congressperson, and find out how you can join the fight for micro-business. Web site: http://advocacy.NASE.org.