If you’re worried about what MACRA means for your practice in 2017 and beyond, you’re not alone. A recent survey conducted by the Advisory Board revealed that 70% of medical provider respondents reported being “concerned” or “totally freaked out” about MACRA.
What is MACRA?
MACRA is an acronym for the Medicare Access and CHIP Reauthorization Act of 2015. It replaces the current Medicare Part B reimbursement schedule with a new pay-for-performance program that’s focused on quality, value, and accountability. According to the Centers for Medicare and Medicaid Services (CMS), MACRA was enacted to create a new payment framework that rewards health care providers for giving better care instead of more service.
How does MACRA affect me?
Under MACRA, a new value-based care program, the Quality Payment Program, has replaced the Sustainable Growth Rate (SGR) formula. Continuing with the SGR threatened to have a severe impact on reimbursement rates for clinicians participating in Medicare. With the SGR formally repealed, the new Quality Payment Program reforms Medicare Part B payments for more than 600,000 clinicians across the country, paying clinicians based on the quality of care they deliver instead of volume.
The good news is that while MACRA may seem like a complicated piece of legislation, participating in the Quality Payment Program that MACRA lays out isn’t as hard as you may think.
What do I need to do to avoid a negative adjustment and potentially earn a positive adjustment on my Medicare Part B payments?
The easiest way for most practices to participate in the Quality Payment Program, avoid negative adjustments to their Medicare payments, and potentially earn positive adjustments, is through participating in the Merit-Based Incentive Payment System (MIPS). CMS estimates that over 600,000 eligible clinicians will be required to participate in MIPS in 2017.
How can Practice Fusion help me with MIPS?
By providing an ONC-certified EHR for over 30,000 practices, we’ve already helped thousands of independent providers to successfully participate in quality reporting programs such as Meaningful Use and the Physician Quality Reporting System.
As quality reporting continues to evolve and become more complex, we’re fully committed to continuing to be your source for up-to-date knowledge regarding regulatory changes and new CMS announcements. Visit our blog to get updates and find out about webinars for quality programs and reporting. Also, be sure to visit our Value Based Reimbursement website that provides helpful information about a number of programs.