Four ways to get ready for the Merit-Based Incentive Payment System (MIPS) introduced by MACRA
The first performance year for the Merit-Based Incentive Payment System (MIPS) begins in January 1, 2017. It’s important to prepare now to earn up to 12% more on your Medicare Part B payments and avoid future penalties. Here are four ways to get started:
Implement certified EHR technology. A well-designed certified electronic health record (EHR) can help providers fulfill Meaningful Use and PQRS requirements with much less effort. EHRs can provide real-time summaries of quality measure progress and can be used to generate attestation documentation simplifying administrative efforts to successfully meet program goals.
Meet current quality reporting program measures. MIPS will combine and streamline these existing EHR Incentive Program and pay-for-performance program measurements into one program:
- Meaningful Use (MU),
- Physician Quality Reporting System (PQRS),
- Value-based Payment Modifier (VM).
The sooner you start meeting the existing program measures successfully, the better prepared you’ll be to earn a higher payment bonus once MIPS starts.
Keep Track of MIPS. In order to maximize your Medicare bonuses over the long term, keep track of all MIPS requirements and other components of the Medicare Access & CHIP Reauthorization Act (MACRA) legislation. CMS will likely update requirements on an annual basis, so keeping up to date can help make sure you meet and surpass all requirements each year.
Prepare for CPIA. In addition to the existing quality programs, MIPS includes an additional category referred to as clinical practice improvement activities (CPIA). The Centers for Medicare and Medicaid Services (CMS) have yet to release the specific requirements for this category, but it will consist of improving at least these subcategories:
- Expanded practice access
- Population management
- Care coordination
- Beneficiary engagement
- Patient safety and practice assessment
- Participation in an alternative payment model (APM)
CMS will likely release the draft CPIA requirements in the summer of 2016 at the earliest. The final requirements are expected in November 2016. Stay on top of the upcoming MIPS rule releases to give yourself as much time as possible to boost your MIPS scores.
Earn up to 27% more with your Medicare payments – or lose up to 9%
By 2022, your MIPS score can significantly impact your Medicare reimbursement from -9% to +27%. However, with some advance planning it is possible to leverage your existing efforts and start investing in resources to help maximize your MIPS scores over the long term.