What is MIPS? Why Should Providers Care?
If you are a healthcare provider, you've likely heard about MIPS. But what is it, and why should you care? This post will explain MIPS and how it can impact your practice. We'll also discuss the program's benefits and offer tips for improving your score. So, what is MIPS, and why should providers care?
The Merit-Based Incentive Payment System (MIPS) was created by the Centers for Medicare and Medicaid Services (CMS) to reward quality care and penalize providers who do not meet certain standards. The program was implemented in 2015 but did not go into effect until 2017. MIPS is actually a pivot for CMS. MIPS transitioned three prior programs (PQRS, VBM, and MU) into one incentive-based program designed to reward value and quality. MIPS is a value-based payment system that uses four categories to score providers: Quality, Cost, Promoting Interoperability (formerly known as Advancing Care Information), and Clinical Practice Improvement Activities.
Providers who participate in MIPS can earn bonuses of up to nine percent of their Medicare payments, or they can be penalized by up to nine percent. The amount of the bonus or penalty is based on the provider's score in each of the four categories. The highest-scoring providers will receive the largest bonuses, while the lowest-scoring providers will be penalized.
How will MIPS impact my practice?
So why should you care about MIPS? If you participate in Medicare, you must report your data to CMS and can be penalized if you do not meet certain standards. In addition, participation in MIPS can help you earn bonuses and improve your practice's bottom line. Quality reporting is becoming increasingly important as our healthcare system shifts from fee-for-service to value-based care. Finally, CMS provides feedback through MIPS. This feedback is invaluable to your practice and can help you run your practice more efficiently.
Improving your MIPS score
To receive the full incentive, physicians must score at least 70 points on the MIPS performance measures. Here are some tips on how to score high on MIPS:
First, choose the quality measures that are most relevant to your practice. There are over 100 quality measures to choose from, so it's important to select the ones that best reflect the care you provide. When choosing measures, you should consider your specialty; they're not the same for every provider type.
Next, focus on improving your scores on those measures. Look at your historical performance data and identify areas where you can improve.
Finally, use all the resources available to help you succeed in MIPS. The Centers for Medicare and Medicaid Services (CMS) offers several free resources, including webinars, tutorials, and an online learning community. Taking advantage of these resources will help you make a smooth transition to MIPS and ensure that you score well on the new quality measures.
You can find more information on the CMS website or reach out to ChirpyBird to find out how you can get the most out of participating in the MIPS program.
