Benefits of MIPS Compliance for Healthcare Practices
Merit-Based Incentive System or MIPS is an incentive rule implemented by the state to the medical practices that are compliant with the parameters set by the ‘Center of Medicare and Medicaid Services or CMS. The intent of this program has been to bring about betterment in the entire medical practice industry. The betterment is ensured by a set of parameters that are set by the CMS that a medical practice must follow in order to qualify for the MIPS program. The set of rules and regulations are as follows:
- Quality – The said category is quite self explanatory as it focuses on the quality of the healthcare that a practice provides and whether or not it is compliant with the performance parameters set by CMS, as well as medical professional and stakeholder groups. It is entirely up to the medical practitioner to select the six parameters of performance that most aptly fits their practice.
- Promoting Interoperability – This category focuses more towards patient engagement and the electronic exchange of health information with the aid of the certified electronic health record technology (CEHRT). This category can be ensured by regularly exchanging information with other practitioners or patient in a wholesome fashion. The information entails but is not limited to: sharing test results, visit summaries, and therapy schedules with the patient and practices to plan the treatments.
- Improvement Activities – This category that entails a directory that includes the activities for improving the healthcare measures, enhancing patient engagement while in care, and increasing access to care. The said directory enables a practitioner to select from the activities best suited for the practice from classes such as, enhancing care coordination, patient and clinician shared decision-making, and expansion of practice access.
- Cost – In this category, the cost of care provided by the practitioner is to be calculated by CMS based on the Medicare claims of the practice. MIPS analyzes the cost measures to ascertain the total cost of healthcare for the entire duration and of a patient’s stay under care with the practice.
The said measures are beneficial to a practice in the following ways:
- The aforementioned compliance measures bound a practitioner to get keep the practice organized in terms of operations as well as data management. This could in turn, reduce the error margins significantly.
- The categories above can help you in terms of business development as well. Engagement with the customers and remaining in contact with other practices can help strengthen the portfolio of a practitioner.
- Legitimacy & Endorsement are also among the benefits of complying with the MIPS parameters. A well scrutinized and systematic data management Mechanism coupled with a strong quality of services can help put in a good word with the clients as well as the stake-holders.
- With the aid of MIPS compliance, a practitioner can maximize the profitability of their practice by improving on data management, quality of services and the costs of treatment and care.
- Finally, the Incentive itself. Under the MIPS incentive program, the medical practices can be rewarded by the government in the form of rather handsome incentives ranging from $—- to $—-. This would bump up the profit margins of the practice even more.
Compliance with the said parameters can be a daunting task for a medical practice to accomplish on their own. Therefore, it is important to hire the services of the best medical billing company that possesses the capabilities to ensure the practitioner’s compliance with MIPS parameters, as well as make certain that the data management is on point and the practice remains profitable.