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MIPS: How It Works For Your Medical Practice?

The Merit-based Incentive Payment System (MIPS) is new payment reimbursement technique. Read more about MIPS and how it functions for your medical practice.

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MIPS: How It Works For Your Medical Practice?

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  1. www.capminds.com MIPS: HOW IT WORKS FOR YOUR MEDICAL PRACTICE?

  2. What is MIPS? • MIPS stands for Merit-based Incentive Payment System, one of two tracks under the Quality Payment Program, which moves Medicare Part B providers to a performance-based payment system.

  3. MIPS streamlines three old Medicare programs into a single payment program: 1. Physician Quality Reporting System (PQRS) 2. Value-based Payment Modifier (VM) Program 3. Medicare Electronic Health Record (EHR) Incentive Program (Meaningful Use)

  4. How MIPS Works? • MIPS is a performance-based payment system that includes four performance categories, that provide clinicians the flexibility to choose the activities and measures that are most meaningful to their practice and get a score in each category. 

  5. MIPS Categories • Quality: replaces the current PQRS program; • Cost: replaces current value-based modifier program; • Promoting interoperability: replaces advancing care information and previously the meaningful use program; and • Clinical practice improvement activities (new component)

  6. Best Ways To Prepare Your Practice For MIPS

  7. 1. Having Certified EHR software • If your practice is still using the traditional paper-based record system, then its time to shift your practice to the best EHR software with the advanced features like online appointment scheduling, telehealth, and patient portal.

  8. 2. Having Expert Professionals • It is very important to designate at least one expert staff to stay on top of MIPS requirements. • As the Government regulations are always subject to change, it is expected to see some adjustments to MIPS directives every year.

  9. Conclusion • MIPS was designed to tie payments to quality and cost-efficient care, drive improvement in care processes and health outcomes, increase the use of healthcare information, and reduce the cost of care.

  10. MIPS For Your Practice • Adhering to MIPS requirements will ensure that your practice will receive all of the financial incentives that you are due from Medicaid and Medicare. So it is very important to start preparing your practice for MIPS today.  

  11. CapMinds helps hospitals, clinics, and doctors’ offices to get certified in MACRA, MIPS, and APM models, so that maximum payment is received without incurring any financial penalty.

  12. Read More About Medical Billing & EHR @ CapMinds Healthcare Blog

  13. CapMindsMedical Billing Services Contact us CapMinds Technologies 42240 Mason Ridge Ct, Brambleton, VA 20148 +1 571.213.3245 info@capminds.com https://www.capminds.com

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