MACRA MIPS (The Medicare Access and CHIP Reauthorization Act of 2015 – Merit-based Incentive Payment System) is a program that caters to physicians’ finances under Medicare.
The program is now in its fourth year, and it would not be wrong to say that it facilitated the physicians’ reimbursement process.
Key Elements of QPP MIPS
MIPS program has four categories that cater to meaningful quality healthcare services.
- Improvement Activities (IA)
- Promoting Interoperability (PI)
The quality category replaced the current PRQS (Physician Quality Reporting System) and reflects the efforts to improve the quality of care.
Improvement activities translate patient convenience and satisfaction in quality healthcare delivery.
Promoting Interoperability replaced Advancing Care Information (previously known as the meaningful use program) to integrate technology in healthcare.
The cost category replaced the value-based modifier program and translates the efficiency of the cost factor.
Each category has different weights. The respective percentages change each year under MACRA MIPS. Eligible clinicians, who exceed the minimum performance threshold get positive payment adjustments and avoid a penalty of a certain percentage.
MIPS Full Form in Healthcare
Large medical practices already know the implications of MIPS data submission. However, it is small healthcare organizations or non-eligible clinicians that need to understand MACRA MIPS to the core.
Now, the performance bar has gotten high. Although, CMS (The Center for Medicare & Medicaid Services) facilitates small/rural/underprivileged medical practices to much extent. However, the appropriate approach is to consult a MIPS Qualified Registry for MIPS solutions.
What Physicians Can Get from MIPS Reporting?
There are many advantages that eligible physicians can get by submitting data to CMS under MACRA MIPS.
- Physicians get to improve quality care.
- They can improve ranking among fellow physicians via Physician Portal, thus, improves patient rate.
- Against the exceptional performance, physicians can receive incentives.
- High achievers can even receive a share from the $500 million bonus pool.
However, MACRA MIPS data submission requires consistent efforts and MIPS consultants to guide through the process.
How to Report MIPS Data?
Eligible clinicians can choose different ways to report MACRA MIPS. However, the easiest and comprehensive way is to report data via the MIPS Qualified Registry as P3Care.
We choose specialty-specific measures to submit data from the list as per the final rules proposed by CMS.
Data submission under MACRA MIPS is a lot to take in, but as the years went by, it is in the best interests of physicians to try to qualify for this quality payment program.
Especially with COVID, physicians have lost millions of bucks to cater to the surge of patients. In such times, incentive payment programs as MACRA MIPS prove to facilitate physician in any way possible. Moreover, CMS also offered flexibility in the administrative load. So, there is no point in avoiding participation in such programs, right?