NWHCBS | Blog
Merit Based Incentive Payment System
Are you well prepared?MIPS the new buzz, has shaken the entire healthcare industry. And there’s no doubt, it can be menacing.
The question that arises for all the physicians are how well prepared are they or how can they prepare themselves to survive and thrive through MIPS.
What is MIPSMerit-based Incentive Payment System (MIPS) is one of the two payment tracks of the Medicare Access & Chip Reauthorization Act (MACRA). It restructures the three previous pay-for-performance programs and also adds a fourth component to promote the ongoing improvement and innovation in clinical activities. The four performance sets include:
- Improvement activities
- Advancing care info
Ways to prepare for MIPS implementationIn order to sustain and bloom through this MIPS implementation it is important for the physicians to keep themselves prepared. This can be accomplished by centring their energies on the following actions:
MU, PORS & VBMIt is important to stay absorbed on PQRS (Physician Quality Reporting System), MU (Meaningful Use) and VBM (Value-Based Modifier) .All these will compose almost up to 85% of the MIPS Composite Performance Score. The final financial reward will be based on those scores.
It`s important to take out time and master these basics.
Clinical quality measuresIt`s time to dig into the clinical quality measures. For physicians, it is vital to recognize the highest performing clinical quality measures, which can be appropriate to their scope of practice. They must figure out how to maximize their efficiency and performance levels.
It`s time to have a check on the measures against other quality program initiatives.
PQRS ReportingHave a check on the PQRS reporting systems. One should have a PQRS reporting vehicle that best fits the needs of their practice.
It`s time to have your PQRS reporting system on the top.
EHR System ViabilityThe electronic health records technology should be certified .There are some systems which are not able to collect quality data, they need to report on quality measures. Connectivity will be a big factor for MIPS, so make sure you are able to connect & communicate with the EHR System.
Get your EHR System examined.
APMsIt is important to get used to the Alternative Payment Models (APMs) as they are the new actuality. APMs include Accountable Care Organization (ACO), Medicare Shared Savings Program, Patient-Centred Medical Home (PCMH), etc.
It`s time to nuzzle the APMs.
Monitor & TweakNow it`s the time to monitor quality report card dashboards - early and often - to identify deficiencies. So they can be fixed and then move on to the next performance level.
It`s time to prioritize your quality. NWHCBS can help you in preparing for MIPS. We provide nationwide medical billing services for all types of medical specialities along with other healthcare facilities.
Contact Us on (866) 880-4252 or Email Us email@example.com.