Are you a Medicare Part B Services provider? Perhaps you have already heard about MIPS. Yes, I am talking about the Merit-based Incentive Payment System, the program which has a major impact on many Part B providers’ revenue and practices (read more)! MIPS system looks over your performances across various categories like patient care and scores your performance accordingly for each performance year.
Before registering in an MIPS registry, it is essential to know information about the company behind those registries. On top of that, you also have to be aware of some things when looking for the right one. Below are some things you ought to look for in a MIPS registry.
All about Merit-Based Incentive Payment System
Merit-based Incentive Payment System (MIPS) is a tracker under the Quality Payment Program (QPP) used for eligible Medicare Part B providers when moving into a performance-based payment system. It is three Medicare programs- Physician Quality Reporting System (PQRS), Medicare Electronic Health Record (EHR) Incentive program, and Value-based Payment Modifier (VM)- rolled into one!
How It Works
When you register under the MIPS, you are required to report the activities and measures you collected during the performance years. The Centers of Medicare and Medicaid Services (CMS) collects these data and calculates cost measures. After the following year, your scores were published, and after two Performance years, payment adjustments are applied to your services revenue as a Medicare Part B provider. These adjustments are based on your performance in that year.
Four performance categories are scored and averaged to make your final MIPS score. These are Quality, Improvement Activities, Promoting Interoperability, and Cost.
Out of the four categories, quality has the most percentage in scoring. It accounts for 40% of the final score and has the most significant impact on payment adjustments. To comply with 2021 reporting requirements, eligible clinicians report on six mandatory quality measures. That also includes one outcome measure, or if unavailable, clinicians can choose one high-priority measure!
- Improvement Activities
Improvement activities account for 15% of the MIPS scoring. This category is created for continuous improvement and innovation.
- Promoting Interoperability
Promoting Interoperability (PI) accounts for 25% of the total MIPS score. The PI replaces the meaningful use (link: https://www.acep.org/administration/quality/mips/the-four-categories-of-mips/) or Medicare EHR Incentive program. The four key objectives of PI are prescribing, provider-to-patient exchange, public health and clinical data exchange, and health information exchange.
This category accounts for 15% of the final score. This category is also the replacement for the Value-based Payment Modifier.
What To Look For In A MIPS Registry
There are many great minds around the globe, and some of them use it to exploit unaware victims. Scams nowadays look more convincing than some legitimate registries out there. For that reason, we must test out the legitimacy of the company you will register at!
For the first step in checking the legitimacy, we look for some green flags on the company’s website. As for the registry, it is essential to look for a CMS approved qualified registry like Alpha II. Of course, you should not take their claim at face value at first. Look for their written approval further through the website!
2. Has Maximum MIPS Reimbursement
There are many cases of error in calculations that result in lesser revenue for registered clinicians. Without compensating for the loss due to those errors, clinicians would suffer from lower salaries until the next final scoring. A registry with maximum reimbursement can help those who fell victim to the errors and bring their losses back!
3. The Industry Leading Experts Support You
Is it your first time being under the new payment system? Well, when you are at the right care, you can learn new things! Many registries have experts that can support your back in times of problems with the scoring and other MIPS-related programs.
4. The Registry Have Many Useful Features
When you are under any merit-based program, it is always essential to know how your performance went and how it reflects your scores. Choosing the correct registry lets you see your scores. Experts also give some feedback that would help you in improving your performances in the future. A real-time scoring dashboard is also essential in knowing your score without wasting time waiting for it. For those who are not used to technology, an easy-to-use interface is always a bonus!