2022 MIPS Scores Are Out: What They Mean for Revenue and Reputation
Greetings to our esteemed community of physicians and practice managers.
Last week witnessed a significant development that could potentially influence the financial trajectory and public perception of your practice: the Centers for Medicare & Medicaid Services (CMS) released the final MIPS scores for the previous evaluation cycle.
Locating Your MIPS Score
Your comprehensive MIPS score is accessible on the QPP website. This portal offers a category-by-category breakdown of your score. Additionally, both individual clinicians and broader practices can gauge their respective payment adjustments, based on the 100-point scale.
Demystifying the Scoring System
Here's a primer on what these scores signify:
75 points: The neutral benchmark. Attaining this score neither grants an incentive nor imposes a penalty.
74.9 points and below: Entering this territory results in a negative reimbursement adjustment. To put this into perspective, a score of zero translates to a hefty 9% loss of Medicare revenue.
Above 75 points: For those who surpass this mark, you stand to gain an incentive, which can be as lucrative as 8.6%.
Targeted Review: Rectifying Potential Score Errors
Mistakes happen. And sometimes those errors can affect your MIPS score. If you believe there's an error in your score, you have recourse. CMS allows for a Targeted Review.
What Is a Targeted Review?
A targeted review is a mechanism by which QPP participants can prompt CMS to revisit and re-evaluate the computation of their 2024 MIPS payment adjustment factor(s) and, if relevant, their supplementary MIPS payment adjustment for exceptional performance.
Upon the release of the 2024 MIPS payment adjustment factors, participants have a window of 60 days to initiate a targeted review for the scores attributed to the 2022 calendar year. This can be done seamlessly via the QPP website.
Beyond Medicare: The Greater Implications of Your Score
Your score resonates beyond just Medicare payouts. Several payers might utilize this data to alter their reimbursement structures. Thus, maintaining awareness of your score and its implications is crucial.
Moreover, transparency is the order of the day. Your scores are publicly showcased on the Medicare Care Compare website. This platform serves as a tool for U.S. consumers, guiding them in their choice of Medicare providers – from doctors to hospice care. A stellar score can sway choices, underscoring its importance.
Seeking Improvement? We're Here to Assist.
If your score isn't quite what you expected, Chirpy Bird Inc. is here to help. We specialize in optimizing your existing EMR and/or registry, guiding you toward MIPS success, and ensuring your revenue remains uncompromised.
Your MIPS score is not just a number. It is a testament to the quality of care you provide and can wield tangible outcomes for your practice. Together, let's ensure that this score mirrors your unwavering dedication to unparalleled patient care.
hello@chirpybirdinc.com Phone: 888-647-7247
