In October 2016, the Centers for Medicare & Medicaid Services (CMS) announced the Medicare Access & CHIP Reauthorization Act of 2015 (MACRA) final rule for the 2017 Quality Payment Program. The program took effect in January 2017, with first payment adjustments effective January 2019. The Medicare Access & CHIP Reauthorization Act of 2015 (MACRA) is a bill that passed the senate with bipartisan support, establishing a new way to pay physicians for care of Medicare beneficiaries. MACRA is known for repealing the unpopular Sustainable Growth Rate (SGR) provisions, and replacing them with a group of Medicare payment provisions known collectively as the Quality Payment Program (QPP).
Providers who do not participate in the MACRA Quality Payment Program will see a negative payment adjustment of up to 4% in 2019, increasing to 9% in 2022. Another key, and less publicized factor, is that Medicare and likely other health coverage plans will begin locking in their fee schedules, never to see them increase again. For many providers, even trying to understand MACRA is daunting, confusing, and elusive to the point that just avoiding the subject is a perceived value.
For an average Medicare provider collecting approximately forty-thousand per year in Medicare payments, a minimum penalty of ten-thousand dollars or more over the first three years is a very real situation.
Providers who do chose to take on this new Pay For Performance world can swing the pendulum in their favor, keep their hard-earned money and possibly add tens of thousands in bonuses each year.
This is NOT a “no win situation”…
Don’t let the misinformation and elusiveness of MACRA keep you from adding thousands to your income and improved quality care for your patients. IMS’ MACRA Specialist will work with you and your staff to perform a current system and work flow configuration review. You will be provided a project plan that designates your appropriate Payment Track, Customized Measures, and Reporting Methods.
Your IMS MACRA Specialist will walk your practice from the unknown into the light of successful Pay for Performance Revenue. Then, as measures and statutory changes occur, you’ll have the peace of mind knowing that IMS will continue to facilitate your success year after year.
Let’s discuss how MACRA can increase the value of your practice