This article originally appeared on FierceHealthcare.com on 12/13/16.
2017 is fast approaching, and so is the Merit-based Incentive Payment System (MIPS), the new Medicare payment system for physicians and other clinicians.
Beginning in January, the Centers for Medicare & Medicaid Services will put in place a new payment system to implement the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA). CMS estimates that more than 90% of eligible clinicians will participate in MIPS—one of the two payment paths set up under MACRA.
Here are three ways that practices and hospitals can prepare, according to a Hospitals & Health Networks report:
Understand the financial impact of the new system. MIPS penalties and bonuses start at 4% in 2017 and will grow to 9% in 2022, with additional money given to exceptionally performing clinicians. That adds up to an 18% to 28% payment swing between the best- and worst-performing clinicians in 2022, Joe Damore, vice president of population health management at Premier Inc., told the publication. The economic impact will be felt by hospitals and health systems, since many hospitals employ physicians.