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 email@example.com and we will help you with how to get started with MIPS set up. An initial consultation would be free of cost.