Based on the MIPS 2020 performance, eligible clinicians can target up to 9% MIPS incentives. We know that CMS (Centers for Medicare and Medicaid Services) measures performance against four categories.
1. Quality worth 45%
2. Promoting Interoperability (PI) worth 25%
3. Improvement Activities (IA) worth 15%
4. Cost worth 15%
These MIPS 2020 Quality Measures allow CMS to gauge clinicians’ performance throughout the year. However, there is no data submission requirement for the Cost category. The authority automatically calculates its score based on the submitted Medicare claims.
MIPS 2020 Performance Threshold
MIPS 2020 reporting is a medium to straighten up revenue cycle management. However, positive payment adjustments are not guaranteed only with data submission. It is possible that your performance is not up-to-the-mark, and you have to face a penalty.
The performance threshold for MIPS data submission is set at forty-five points for 2020. To get MIPS incentives, you have to meet this bar to get payment adjustments as follows:
For 45 MIPS points — Neutral Payment Adjustment
For above 45 MIPS score — Positive Payment Adjustments
For below 45 MIPS points — Negative Payment Adjustment
Exceptional MIPS 2020 Performance
Do you know MIPS eligible clinicians who show exceptional performance in QPP MIPS 2020 can qualify for the bonus pool? CMS will distribute a $500 million bonus among all the exceptional performers in addition to the positive payment adjustment.
If you report through a MIPS Qualified Registry, the reporting process becomes less hectic, and you can easily target incentives and bonuses. You can improve your financial situation, and of course, you can enhance the quality of services without taking a toll on the administrative work.
Tips to Improve MIPS Score
Here are some tips to score high in QPP MIPS 2020 for efficiency in the revenue cycle.
Let’s start by preventing from penalty.
MIPS eligible clinicians must ensure at least 45 points to avoid penalty.
However, if you want to receive more financial benefits, clinicians must put extra effort to receive a bonus in each category.
MIPS Quality Category
If you want to target bonus points in the MIPS Quality performance category, the following factors can help you receive that.
· Submitting additional high-priority measures
· End-to-end measure reporting
· Year-to-year category improvement
· Small practice bonus
MIPS Improvement Activities (IA) Category
MIPS eligible clinicians can earn up to 10% bonus points for improvement transition in quality from 2019 to 2020.
MIPS Promoting Interoperability (PI) Category
If you are using e-prescribing and 2015 CEHRT, you can track bonuses in this category. Moreover, the QPP MIPS 2020 data submission for the following optional measures also contributes to additional 5 bonus points.
· Verify Opioid Treatment Agreement
· The query of Prescription Drug Monitoring Program (PDMP)
Small medical practices and clinicians treating complex patients can also receive a bonus for the rendered services in QPP MIPS 2020. However, clinicians must submit data timely and as per the CMS reporting requirements to enjoy the benefits.
Make Most of MIPS 2020 Reporting & Streamline Your Finances
MIPS 2020 reporting is a way to shift our focus on the quality of healthcare services. Moreover, it registers physicians’ efforts to the higher authorities for the progressive healthcare industry.
So, whether you are an individual MIPS eligible clinician, group, or virtual group, consulting a professional MIPS consulting service can share your load and help design a fruitful strategy. They will help you enhance your MIPS score to receive high payment adjustments without any administrative load.
