By now, you have heard about MACRA, MIPS, APM, VBC, etc. but what do these acronyms mean, why do they apply to you, and what are you doing to prepare for future payment changes?
The Medicare Access and CHIP Reauthorization ACT of 2015 (MACRA) repealed the SGR and required CMS to come up with formula to pay providers based on quality.
MACRA created the Merit-Based Incentive Payment System aka MIPS.
So what is MIPS?
Streamlines several quality reporting programs under Part B into one program. Includes PQRS, the value-based modifier program, and meaningful use of HER technology.
Unlike PQRS, MIPS is performance based and the therapist’s performance will be scored using performance benchmarks.
Currently you can “pick your pace” but the more advanced you choose, the higher the potential incentives.
MIPS adjustments for payments can be anywhere between +/- 5% in 2018, 7% in 2020, 9% beyond 2020.
MIPS is a revenue neutral program. Winners are paid by the losers! Not all metrics and Quality Measures are created equal. To find out how you can differentiate yourselves and prepare yourselves to succeed in the coming years under MIPS, contact us - the MIPS experts - at inquiries@lincolnrs.com