The news just came in last night via the official CMS blog, where Seema Verma, the Administrator of the Centers for Medicare and Medicaid Services (CMS), announced that the participation rate for the Merit-based Incentive Payment System (MIPS) exceeded its 1st-year goal by 1 percent. The early goal was 90 percent for MIPS – one of the two tracks under the CMS’s Quality Payment Program (QPP). Furthermore, the announcement stated that the submission rates for ACOs (Accountable Care Organizations) were recorded at a whopping 98%, while those of clinicians in rural practices were found to be 94%. These figures show the results are truly outstanding.
Furthermore, these high participation rates show significant progress in the organization’s prime objective “Patients over Paperwork.” So, a patient over paperwork is an initiative by CMS, launched in November last year. The main idea behind the initiative was to streamline regulations by increasing efficiency, thus improving patients’ care and experience.
All of these measures helped CMS in achieving success in its QPP program.
Finally, Verma expressed CMS’s continued focus on reducing burden in various areas of MIPS, as has been mandated by the Bipartisan Budget Act of 2018. She further articulated her organization’s eagerness to continue its work on improving clinician and patient experience. Thus, they are focusing on the “Meaningful Measure Initiative”, instead of focusing on processes.
Now that the 3rd performance year MIPS 2019 has started, CMS expects even more participation than the previous years. Moreover, healthcare IT leaders appreciated their efforts to minimize administrative burden and address concerns that clinicians highlighted throughout.
For 2019, we have up to 7% of positive or negative payment adjustments. Talking in numbers, if medical practice scores well and bills approximately $1,500,000 in Medicare, it can earn up to $1,605,000. The huge money is surely an attraction.
Moreover, this year, the performance threshold is 30 points instead of 15 points. Achieving double the points that last year is quite easy if you use appropriate resources and the latest tools.
CMS is stepping up each year for incentive payment program MIPS to make things work out for healthcare organizations. The competition is surely getting tougher, but the expected outcomes/incentives are worth putting effort into the progressive healthcare industry.
While there is still time for MIPS 2019 data submission period, ensure an impactful performance for MIPS performance categories. Moreover, report data via a MIPS qualified registry.
For instructions on how to get started call a medical billing service expert today at 1-844-55-P3CARE or email at info@p3care.com.
