She provides strategic direction and oversight of health quality programs and initiatives aimed to improve physician practices. Listen to our online podcast Nephrology Today as Sandeep reviews important dates for MIPS/MACRA and the impact on medical practices.
Why is October 2nd important and what should a practice be doing now to prepare?
If you participate in MIPS, you have a total of six options for reporting Quality Performance data to CMS, but you must decide by October 2nd of 2017.
Important dates to remember:
If you haven’t already, you must start reporting before October 2, 2017. No matter when you start, you’ll need to send in your performance data by March 31, 2018. The first payment adjustments based on performance go into effect on January 1, 2019.
Depending on the track of the Quality Payment Program you choose - and the data you submit before March 31, 2018 - your 2019 Medicare payments will be adjusted up, down, or not at all.
Next year, CMS will give us more information on payment adjustments for 2020 and beyond. Carefully choose how your practice will comply with the MIPS track of the Quality Payment Program. You have four options…
First, you could choose to not participate in the Quality Payment Program. If you don’t send in any 2017 data, then you will receive a negative 4% payment adjustment.
Another option is to test. If you submit a minimum amount of 2017 data to Medicare - for example, one quality measure or one improvement activity - you can avoid a downward payment adjustment.
Partial participation is an option if you submit 90 days of 2017 data to Medicare. Then, you may earn a neutral or small positive payment adjustment.
Finally, Full participation is an option if you submit a full year of 2017 data to Medicare, you may earn a moderate positive payment adjustment. Tower is here to offer a FREE practice assessment even if you're not sure what your next move should be, we would love to help you out.
Contact Tower today for more information. https://towerps.com or 630-243-5731