The Merit-Based Incentive Payment System (MIPS) is one of the most critical programs developed by the U.S. Centers for Medicare & Medicaid Services (CMS) under the Medicare Access and CHIP Reauthorization Act (MACRA). MIPS reporting has become a significant part of the healthcare industry, encouraging specialty-based healthcare providers to deliver high-quality care services at a lower cost to Medicare beneficiaries while earning rewarded benefits.
MIPS reporting evaluates clinicians across four core performance domains:
Quality: Tracks the extent to which clinicians adhere to MIPS quality measures.
Promoting Interoperability: Focuses on the seamless exchange of health information.
Improvement Activities: Encourages providers to engage in activities that enhance patient care.
Cost: Measures overall cost-effectiveness.
Opting for MIPS Registry reporting enables healthcare professionals to track and report their performance accurately and in compliance with CMS standards. Registries also help healthcare providers optimize performance, adhere to strict MIPS requirements, and foster a culture of accountability, quality service delivery, and continuous improvement.
The following clinicians can participate in QPP MIPS Reporting if they meet the low-volume threshold:
The low-volume threshold is based on three main factors related to covered professional services:
To comply with MIPS Reporting, you must participate in MIPS (unless exempt) if you meet any of the following criteria:
The MIPS 2024 Performance Threshold for MIPS Reporting is 75%. Clinicians who score below 75% may face a penalty of up to 9%, depending on their performance. Those who score above 75% are eligible for incentives and bonuses. Ensuring accurate QPP MIPS Reporting is key to avoiding penalties and maximizing rewards.
Also, if clinician who scores more than 75% will be eligible for Budget neutral incentive and bonuses.
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