Our new MIPS Executive Summary is a high-level summary that highlights the most important information you need to know for successful reporting this year.
Are you ready for MIPS or do you feel a little confused about the process? Don’t worry if you don’t feel ready, TempDev has your back! As a part of our ongoing commitment to our clients on MACRA, we’ve created a MIPS Executive Summary that will walk you through some of the more difficult to understand details of the QPP and what you need to do for reporting.
In the summary, we look at what makes up the MIPS Composite Performance Score and why you need to report at least something for this year, even if your practice isn’t fully prepared for meeting the reporting requirements. This year’s reporting will affect your 2019 payments significantly. For instance, if you don’t participate in the reporting at all, you will receive a negative 4% payment adjustment for the 2019 payment year. Meanwhile, if you submit at least some data, you’ll avoid a negative payment adjustment. The more data you report, the better off you’ll be. If you report even just ninety days worth of data, you’ll earn a neutral or even a small positive payment adjustment. Of course, submitting data for the full year is the best option, as it will earn you a much larger positive payment adjustment. As such, not reporting for 2017 can have a severely detrimental effect on your 2019 Medicare payments.
We review the technical requirements clients need to meet for transitional year (2017) and 2018 reporting. It’s critical to your MIPS success to understand which version of NextGen you need to be on and when in order to meet the MIPS requirements. Developing a budget and timeline, along with securing any resources needed for this upgrade is vital to achieving the highest MIPS scores possible.
In the MIPS Deep Dive section of the Executive Summary, we look at the four categories that make up MIPS reporting. As you may know, the MIPS track is combining three current Medicare programs and adding a fourth category, Clinical Practice Improvement Activities (CPIA). In this new system, Advancing Care Information (ACI) is taking over Meaningful Use (MU), Quality Measures are replacing Physician Quality Report System (PQRS), and Resource Use (Cost) is taking the place of Value Based Modifier (VBM).
The scores for each of the four categories are weighted based on a 100 point scale. Quality Measures comprises up 60% of your score, while ACI is 25% and Improvement Activities comprises 15%. This year, cost data is collected from informational claims and will not have any impact on the overall composite score. Each category has several different measure sets available for reporting. In our MIPS Deep Dive we also explain each category and examples for how to meet the measures in the category.
If you’re ready to start tackling MIPS, be sure to take a look at our reporting roadmap to see what deadlines are coming up. If all the upcoming deadlines have you feeling a little overwhelmed, contact us give us a call at 888.TEMP.DEV and we’ll walk you through each step of the way.