What is MERIT-BASED INCENTIVE PAYMENT SYSTEM (MIPS)?
What are MIPS and its components?
MIPS has replaced PQRS in 2017. This is the first year of reporting quality data via MIPS. Medicare is a little lenient in its penalty given it is the first year of implementation. However, to make most out of it, I request a physician to take full advantage of it and report all possible data to get up to +4% additional payments for 2017(Payment period 2019).
There are 4 components of MIPS reporting. Each of the components has a different weightage for the first year of implementation.
- Quality (60%) – Replaces PQRS and the Quality portion of Value Modifier. There are total 300 measures out of which a physician is required to report on 6 measures. Out of the 6 measures, 1 measure has to be an Outcome measure or High Priority Measure. The specialist can select specialty-specific measures.
- Cost(0%) – No Reporting needed in 2017
- Improvement Activities(15%) -Attest to participation in activities that improve clinical practice
- Advancing Care Information(25%) – Replaces the EHR and Medicare Incentive Program. There are 2 measure sets to report via EHR
What are Benefits/Penalty of MIPS Reporting?
- No Reporting of any Quality Payment data would be a reduction of 4%.
- Submitting very little data will be Neutral – No reduction/penalty
- Submitting Partial Year (90 Days)/Full Year Data – 0 to 4% upward payment
- The data can be reported for a full year beginning Jan 2017.
- If you haven’t started yet, the best time to start the reporting of 90 day data would be September 2017
- The final deadline to submit the data for 2017 reporting period would be March 31, 2018
How can you report MIPS?
Email us today firstname.lastname@example.org and we will help you with how to get started with MIPS set up. An initial consultation would be free of cost.