MIPS 2020 in healthcare leaves you with a great reputation besides incentives and bonuses. The only alternative to healthcare MIPS is the other track – Alternative Advanced Payment Models (APMs). Once you are eligible, you must submit MIPS in order to avoid a penalty – a few thousand dollars are cut from your Medicare reimbursement. For assistance with COVID and in general, Hardship exceptions apply, and practices in rural areas can take benefit from them accordingly.
Medicare Access and CHIP Reauthorization Act (MACRA) is bipartisan legislation turned into law on April 16, 2015. President Obama did the honors back then. Not only does it drive MIPS but everything that comes with it. That is indeed the power of MACRA.
MIPS 2020 reporting window is open until March 31, 2021, so you can submit data if it is still outstanding. The year 2021 is going to be the toughest year yet because CMS has increased the performance threshold score from 45 to 60 to avoid a penalty. After the success of QPP 2018 and QPP 2019, P3, as a MIPS Qualified Registry, continues to report QPP 2020 and QPP 2021 on behalf of eligible clinicians and practices.
MIPS & MACRA function side by side. MIPS bases itself on quality, value, and accountability. As long as the purpose is met, eligible clinicians (ECs) have nothing to lose and everything to gain. In the end, MIPS incentives are there to provide the right impetus to your practice.