Here's your guide about the Quality Payment Program Introduced by MACRA
What is Quality Payment Program?
The Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) brought an end to the Sustainable Growth Rate (SGR) formula. It required implementation of quality payment program by law. This program provided clinicians new resources and tools that facilitate delivering the best possible care to patients. This new two-track value-based payment model is the latest one in the several steps taken by CMS for incentivizing high-quality care, rather than volume o service provided.
The quality payment program helps improve Medicare by enabling eligible clinicians to better focus on care quality, thus making patients healthier. There are 2 ways to select how a provider wants to participate based on the size of practice, location, specialty, or patient population.
With effect from 2017, the quality payment program has gone into effect with its two paths for participation, namely, the merit-based incentive payment system (MIPS) and advanced alternative payment models (APMs).
Regarding the performance period of 2017 (starting from January 1, 2017 to December 31, 2017), it is required of Medicare Part B providers meeting MIPS eligible clinician standards to participate in any one of these tracks for avoiding negative payment adjustment in the year 2019.
Practices and providers may find it overwhelming to try to understand the MACRA requirements, making decisions about compliance, implementing the changes related to compliance, and predicting the financial and administrative impacts of such requirements.
75Health provides clinicians the essential resources that help practices to prepare for and efficiently navigate through the two QPP tracks. We help providers to get started, establish their baseline, identify growth points, and create a path to move ahead. The QPP resources available with us will guide you with customized planning. Experts at 75Health will help you in understanding the needs and progress.