Make the Most of 2017
The MIPs Transition Year
This year, certain parts of the MACRA legislation will begin to take effect. One of these pieces, is the Merit-Based Incentive Payment System or MIPS. This is one of two options for physicians and clinicians seeking reimbursements for treating patients enrolled in Medicare Part B.
This first year has been marked as a transition year, to give physicians and clinicians a so called grace period, or time to figure everything out. However, legislators want to avoid having a large portion of healthcare providers opt out of enrolling in this first year, letting a smaller group figure everything out.
In order to inspire full participation in this grace year, legislators will assess a 4% penalty on the reimbursements to be paid in 2019, the year that the MIPS program will be fully operational. Yes, this fee won’t hit practices this year, so there is a bit of a grace period. It will be assessed however, in 2019, when there is a potential for higher revenues, meaning that those who opt out in 2017, will really wish they hadn’t when 2019 rolls around.
Those who continue to drag their feet and not fully participate in the MIPS program in the year 2018 will be assessed a fee of 5% of their reimbursement payments awarded in 2019. That’s pretty good reason to start complying with the bare minimum requirements to be considered active or enrolled in MIPS this year.
Not being assessed fees this year isn’t the only reason to consider participating this year. Participating this year, when the bar is set low, prepares you for participation in 2018, when the requirements and the penalties are a bit more intense. Our experts at Main Street Medical Consulting are here to help you get your front office in order, to maximize your revenue cycle and be ready to participate in the MIPS reporting.
Give us a call today for a free consultation. We’ll walk through your medical billing operations, spot potential risks, and opportunities that you can capitalize on today.