What is the Merit-based Incentive Payment System (MIPS)?
MIPS is the name of a program that will determine Medicare payment adjustments and is an acronym for the Merit-Based Incentive Payment System. Using a composite performance score, eligible professionals (EPs) may receive a payment bonus, a payment penalty, or no payment adjustment.
How Does MIPS Impact Specialists?
Under MIPS, practices are assigned a composite score that takes into consideration performance according to the following metrics: (1) Quality, (2) Advancing Care Information, (3) Clinical Practice Improvement Activities and (4) Resource Use. Reimbursement will be based on a practice’s relative performance to peers and national benchmarks, like grading on a bell curve, resulting in some practices incurring penalties while others receive performance incentives. In short, to remain financially viable, practices will need to not only comply with MIPS requirements but also track their performance in real-time and implement operational improvements to outperform their peers.
How Does Integra Connect Help Specialists with a MIPS Solution?
Integra Connect provides a comprehensive MIPS solution to help practices comply with MIPS, including technology and services to facilitate data extraction and transformation, data-driven performance improvement, and complete registry submission