Things You Must Know to Prepare for Merit Based Incentive Payment System (MIPS)
BY Sybrid MD
Value-based Programs | Dec 05, 2016
Merit-Based Incentive Payment System (MIPS) has consolidated and replaced the current CMS programs including the Meaningful Use EHR incentive program, the Physician Value-based Payment Modifier (VM) and the Physician Quality Reporting System (PQRS). The Merit-based Incentive Payment System (MIPS) is one of the tracks which the physician can choose under the new Quality Payment Program.
MIPS Performance Components
Performance and quality of the healthcare providers will be evaluated in four categories.
The new quality factor has replaced the existing Physician Quality Reporting System (PQRS). Healthcare providers can choose the quality measures to report, and mostly these measures have been adopted from the old PQRS and VM programs.
2. Resource Use
Optimized use of resources is one of the factors of Merit-Based Incentive Payment System. Providers will be incentivized if they demonstrate a reduction in healthcare costs and overall improvement in efficiency.
3. Clinical Practice Improvement Activities
Provider would be rewarded by evaluating care coordination, beneficiary engagement, patient safety and how the provider expanded practice access.
4. Advancing Care Information
Advancing Care Information (ACI) has replaced the Meaningful Use EHR incentive program. It would be based on the provision to provide patients access to their electronic health records by using a certified EHR systems and reporting through it the providers can earn points in this category.
Reporting and Payment Years
Under the Merit-Based Incentive Payment System (MIPS), providers can choose to participate from 2017 and get incentive payments in 2019 and it continues n the subsequent years where the maximum bonus can go up to 9% or maximum penalties can be -9%.
Who is Eligible?
Clinicians, nurse practitioners and physician assistants who bill under Medicare Part B are eligible to apply for the Merit-Based Incentive Payments. However, there can be varying types of participation in the program in the subsequent years.
Pick Your Pace in MIPS
To make the transition smoother, CMS has offered varying types of participation in 2017. Healthcare providers have been allowed to pick their own pace of participation by offering them three options to choose from under MIPS.
How Can We Help You?
Sybrid MD is a trusted partner in facilitating the healthcare providers in every single way that can help them achieve their business goals.
We extend our first step towards our clients by keeping them informed of the recent updates in the healthcare and how that can affect their organization. In the similar fashion, we would guide you through the myriads of MACRA and MIPS.
To ensure the success at every phase we would perform quality audits, identify loopholes and recommend performance improvement practices.
Call us at (888) 312-6847 to discuss this further or Get Free Consultation by sending us a few details about you.
medical billing, MACRA, MIPS, MACRA final rule, Merit-based Incentive Payment System (MIPS), Quality Payment Program