MIPS Reporting – What’s at Stake for You?
MIPS is the CMS program that requires clinicians to transition from a volume to value-based care model or face significant financial penalties and even reputational harm. The stakes have been raised every year and the final rule for the 2021 reporting period is even more complex than it has been in the past, further increasing the stress, burden and financial risk for a healthcare practice.
To put it into perspective how significant the MIPS program is, it is estimated that over 900,000 clinicians who bill Medicare Part B are subject to MIPS. It’s no longer sufficient to simply submit data but now you must compete to earn points, and points are directly tied to your reimbursements. For the 2021 reporting period, a clinician must earn 60 out of the possible 100 MIPS points to avoid penalty. Failure to comply or earn enough points will result in a nine percent penalty to every Medicare Part B claim. This equates to a $9,000 per clinician hit to the bottom line for every $100,000 billed to Medicare.
Within this framework all healthcare practices, regardless of size or specialty, must evolve their approach to MIPS to assure their financial viability. However most do not understand, or have awareness of, the different reporting methods available to them. Many clinicians erroneously still think that a registry is the only reporting option available to them or that they are required to use a registry. Or, they think that their EHR automatically covers their reporting obligation. This misperception and general lack of awareness is detrimental to the financial interests of any practice. And, furthermore, for the 2021 reporting period traditional, legacy reporting systems (registry or EHR) may be unable to fulfill enough of the reporting criteria to avoid the minimum score penalty.
But there is another reporting methodology available to all clinicians. This other reporting methodology, known as a Certified EHR Technology or CEHRT, has emerged as the superior reporting methodology. Reporting through a CEHRT dramatically improves the efficiency and effectiveness of the MIPS reporting process, especially when done using ONC certified software. A CEHRT utilizes eCQMs (electronic Clinical Quality Measures), which are a better way to optimize the points that can be earned. And when the process utilizes ONC certified software and is therefore an end-to-end electronic solution, CMS awards significant bonus points toward a clinician’s MIPS score.
TriZetto Provider Solutions’ platinum Marketplace partner, Health eFilings, is the national leader in automated MIPS reporting and is classified as a CEHRT reporting method. Health eFilings has cloud-based ONC certified software that fully automates the MIPS reporting process. And along with all the inherent benefits of working with a CEHRT reporting partner, because Health eFilings’ service is an end to end electronic solution that doesn’t require any IT resources, administrative support or workflow changes from you, it will save significant time while maximizing your financial upside.
Learn more about how Health eFilings can help your practice earn every MIPS point you can because the stakes are too high not to do everything you can to optimize your MIPS score and protect your Medicare reimbursements and your bottom line.