Here's a brief recap…
This means our experts have what it takes to help you better understand the right option for your practice— whether it be the Merit-based Incentive Payment System (MIPS) or Advanced Alternative Payment Model (APM), we got you covered.
What is MIPS?
Merit-based Incentive Payment System (MIPS) is a new program that combines parts of the three existing quality reporting programs: PQRS, VBPM, and MU. This program aims to ease the reporting burden on clinicians by reporting for one quality program instead of three. The system also adds a new category, called Clinical Practice Improvement Activities (CPIA).
What is APM?
An Alternative Payment Model (APM) allows you to receive added incentive payments for taking on some risks related to your patients' outcomes. If you choose to take on more risks to improve patient care through an Advanced APM, you are likely to earn a 5% incentive payment. Some providers have already started this journey via the Comprehensive Primary Care Plus (CPC+) initiative with support from their EHR partners, like Meditab.
Do I still have time?
Yes you do. You can report an entire year of data or only a 90 day period. You can begin January 1, 2017 and start collecting your performance data or you can choose to start anytime between January 1 and October 3, 2017. Whenever you start, you'll need to send in your performance data by March 31, 2018 and expect your first payment adjustments on January 1, 2019.
Summary of Options
To ease the transition for the 2017 performance year, you can choose from the following options for participation or exemption.
No Participation: If you are not exempted from MIPS, and you did not send any 2017 data, you will receive a negative 4% payment adjustment.
Report one measure for a minimum 90-day period to avoid a penalty: If you report only one Quality-, ACI-, or CPIA-measure, you will earn enough MIPS points to avoid a penalty and possibly earn a small incentive.
Report more than one measure for a minimum 90-day period: If you report more than one measure in any or all of the Quality, ACI or CPIA categories, you can avoid any penalty, maximize the MIPS score, and potentially earn the highest possible incentive.
Participate in an Advanced APM: If you participate through an Advanced APM, you can earn a 5% Part B bonus and will be exempted from MIPS.
To learn more watch our lunch & learn webinar.
Here's how you can get started: