What is the Merit-Based Incentive Payment System?
As part of its commitment to improving healthcare quality and value, Medicare implemented the Merit-Based Incentive Payment System (MIPS). MIPS originated as a part of the Medicare Access and CHIP Reauthorization act in 2015. The creation of this system was intended to establish a value based healthcare arrangement aimed at encouraging eligible clinicians to deliver high-quality care and achieve better patient outcomes. This budget neutral program was first offered to qualifying providers, like Medical Doctors and Doctors of Osteopathic Medicine in 2017, and was expanded to include allied health professionals like Physical and Occupational Therapists in 2019.
Understanding MIPS reporting is crucial for healthcare providers who participate in Medicare and seek to optimize their reimbursements while providing excellent care.
MIPS Performance Categories
MIPS reporting encompasses four performance categories: Quality, Promoting Interoperability (formerly known as Advancing Care Information), Improvement Activities, and Cost. Providers collect and report data in each category, which is then used to calculate their MIPS score. This score directly impacts Medicare reimbursements, with higher scores resulting in payment incentives and lower scores potentially leading to payment adjustments.
It is important to note that PTs and OTs are only scored on Quality and Improvement Activities, while physicians are scored on all four performance categories.
Bottom Line: MIPS reporting plays a significant role in Medicare reimbursement and the drive towards delivering high-quality healthcare. By understanding the four performance categories and selecting appropriate measures and activities, clinicians can maximize their MIPS score and positively impact their patient care. Healthcare providers should stay informed about the latest MIPS reporting requirements and leverage available resources to succeed in this value-based reporting program.