Understanding the Importance of Merit-Based Incentive Payment Systems

Jan 29, 20 Understanding the Importance of Merit-Based Incentive Payment Systems

If you work in a health care facility, your work is probably going to be influenced by Merit-based Incentive Payment System (MIPS). But although almost everyone in health care can have their jobs affected by MIPS reporting standards, not everyone is aware of exactly what it means for their position or their company.

What is MIPS?

MIPS is a Medicare payment plan. Under MIPS, providers are judged in four categories: quality, promoting interoperability, improvement activities and cost. After these four categories are assessed, the final score will determine what type of payment the facility receives.

What Types of Reporting Are Available?

MIPS allows both individual health care professionals and groups of health care professionals to participate in MIPS reporting. Groups are assessed by the strength and weaknesses of everyone participating in the healthcare group.

How Is Information Gathered

Gathering MIPS data is essential, and every healthcare organization that accepts Medicare must be willing to comply with the data collection. However, some health care organizations are simply too busy to conduct the gathering themselves. MIPS reporting can be done by data mining companies.

How Do Data Mining Companies Benefit Your Organization?

The benefit of having third parties take care of your MIPS compliance is that your company can be more certain that the potential gaps in data have been closed. Third party organizations involved in data mining also increase the accuracy and speed with which the reporting is completed. The staff of your organization can also focus on their jobs instead of dividing their time between reporting and patient care.

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