Over the past few decades the healthcare industry has seen major advances in technology and quality-of-care initiatives, and Physician Practices are no exception. Starting in 2017, we turned our focus to the Medicare Access & CHIP Reauthorization Act of 2015 (MACRA). The MACRA Quality Payment Program serves to move providers and clinicians towards rewards for higher quality patient care, as opposed to paying for the volume of care they provide.
The Quality Payment Program has two paths that providers can choose from:
- Merit-Based Incentive Payment System (MIPS) – MIPS essentially gives clinicians the opportunity to be paid more for better care and investments that support patients. In 2018, it provides a flexible performance period, so those who are ready can dive in immediately, but those who need more time can prepare for participation later in the year. With MIPS, you will earn a performance-based payment adjustment (positive, neutral, or negative).
- Advanced Alternative Payment Models (APMs) – Advanced APMs help clinicians go further by participating in organizations that get paid primarily for keeping people healthy. When these organizations get better heath results and reduce costs for the care of their patients, the clinicians receive a portion of the savings. With an Advanced APM, through Medicare Part B you may earn an additional incentive payment.
For more information about Advanced APMs and/or MIPS visit the CMS Quality Payment Program website at qpp.cms.gov or the 2018 CMS Resource Library.