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MACRA is a federal law that has introduced MIPS reporting. The eligible providers submit their performance data, and their performance is evaluated as per MACRA.
Since the value-based care system has been implemented in healthcare, providers are striving hard. They have to put much effort into improving patient care and outcomes. Along with this, they must maintain compliance with the complex regulatory requirements. However, CMS has devices in its two reporting frameworks for providers to keep a check on their performance.
Further, it encourages them to take risks and compete with them with their potent strategies for the future. As a result, the participants get a reward or penalty per their performance. MIPS reporting is one of the frameworks of the Quality Payment Program. MACRA has set extensive compliance requirements to attain the reporting objectives.
In this blog, we will particularly emphasize the connectivity between MIPS reporting and MACRA compliance. Further, we will see how good reporting can benefit healthcare providers in getting higher final scores.
MIPS stands for ‘Merit-based Incentives Payment System’. It is one of the traditional reporting frameworks that has completed its six reporting years. Currently, eligible clinicians are ready to report under MIPS 2023, which has brought new challenges.
Nevertheless, the MIPS program genuinely measures the quality of care, cost efficiency, and implementation of IT in healthcare. More provider focus on the three parameters increases the chance of hitting the minimum performance threshold. In general, the MIPS framework has four performance categories as its strategic pillars:
- Promoting Interoperability
- Improvement Activities
As long as participants fulfill the specific reporting requirement, their chance to maximize their reimbursement rates gets higher. MIPS performance reporting and payments are not that simple. Rather, only experts like us—a competent MIPS-qualified registry can help you. Not to exaggerate, but ours have automated medical billing systems for the claim processing. Our EHR systems have authentic certifications. Our team of experts is well-seasoned to exceed your expectations with the final MIPS scores.
It is a type of program that truly determines the providers’ performance. Thereby, it considers the key areas of any provider’s performance closely as per the data submitted. The providers reporting data for MIPS consists of their Medicare Part B claims. Thus, the CMS evaluates the data after an extensive period of performance reporting. Afterward, it determines the provider’s reimbursement rates. Accordingly, the providers get incentives or penalties on the basis of the determined rate.
So, MIPS reporting is a vital factor in MACRA compliance. Every year, providers are charged with penalties for not meeting the minimum performance threshold. For MIPS 2023, it is up to 9 percent. Accurate and timely reporting is more important today than ever for ensuring MACRA compliance.
Accurate MIPS reporting has various advantages for healthcare providers in addition to MACRA compliance, including:
MIPS reporting enables providers to pinpoint patient care and outcome improvement opportunities. It enables them to implement the necessary modifications. Thereby, it enhances their overall performance.
Successful MIPS data reporting allows providers to stand out from the crowd and draw in new patients.
Accurate reporting can boost providers’ reimbursement rates. Thus, they can generate more money and enhance their capacity to manage their finances.
We at QPP MIPS are aware of the difficulties faced by healthcare providers in MIPS reporting. So, we help healthcare providers attain MACRA compliance throughout. Our MIPS consulting services help you navigate the reporting challenges.
For correct MIPS data submission, our team of experts can help with data collection, analysis, and reporting. By using our services, providers can concentrate on providing top-notch patient care. However, we take care of fulfilling all their MIPS requirements.
MIPS reporting is essential for MACRA compliance. It has many advantages for healthcare providers. Higher revenue and better patient care can both be achieved with accurate and timely MIPS reporting. Here, QPP MIPS is dedicated to assisting providers in complying with MACRA. To find out how we can guide you through the MIPS reporting complexity, get in touch with us.