The Merit-Based Incentive Payment System, also referred to as MIPS reporting, is an essential part of getting paid under Medicare Part B. Providers are paid based on performance. Their performance is tracked, monitored, and then evaluated based on MIPS reporting.
Part B providers who are classified as MIPS eligible clinicians were
required to participate in this plan as of 2017. Failure to comply
would lead to a four percent negative payment adjustment on their
reimbursements as of 2019. Four percent may not seem like a lot when
you are talking about small figures. But imagine procedures that are
costing hundreds of thousands of dollars. A four percent negative
payment adjustment is literally thousands of dollars.
medical community knows that many procedures are done on a razor-thin
budget. The public thinks that medical facilities are raking in
money. But the truth is that many of them are operating at budget or
at a loss. Losing any revenue can have a negative impact on their
bottom line and on the level of care that they are able to offer.
one likes to pay for expensive medical care. However, everyone is
happy to be able to go to the hospital and get the care that they
need when they need it. The reason why people are able to do this is
because the medical community charges what they do for their products
and services. The doctors deserve to be paid for the work that they
do. Merit-based paying is a way to reward good doctors for providing
a high level of care.