Most practices are unprepared: but there is still time to act.
Sometimes, being in the majority is bad. According to recent financial audits completed by NCG Medical, nine out of 10 physician offices are ignoring the compliance requirements for PQRS.
The Physician Quality Reporting System (PQRS) is a government quality improvement program that offers incentives to Medicare providers who report on quality performance measures, and assesses penalties to those who fail to report. Participation in the program involves the reporting of designated administrative codes on billing claims.
Avoiding PQRS compliance is dangerous and could cost your practice thousands of dollars. The Centers for Medicare and Medicaid Services has notified the medical community for the need to start complying this year, or face a 1.5% reduction in Medicare reimbursement in 2015.
The penalty may not seem like much, until you do the math. A practice that earns $750,000 yearly in Medicare, for example, will lose $11,250 every year. That’s a direct hit to the practice’s profit.
Keep in mind that compliance with PQRS is in addition to complying with EHR Meaningful Use and eRx requirements. Don't look now, but your total Medicare reduction could soon be 4.5% annually, and CMS has already warned that penalties will go up each year.
The loss of future revenue can be avoided if you act now to meet PQRS this year. For additional information or to learn more about the reporting and requirements visit https://www.cms.gov/pqrs.
If you need help, NCG is here to assist. We understand that your office staff is already overtaxed, and PQRS is one of several complex requirements of healthcare compliance.
NCG Medical's comprehensive practice management team offers consulting services to assure your PQRS success - from start to finish:
• Education of PQRS rules and requirements
• Complete operational workflow analysis
• Assistance with measure selection
• Training for staff on reporting method
• Six months of monitoring and compliance review
Call us today at 800-959-1906 to find out more.
Our offer for a free financial analysis still stands. Our highly trained practice management team is dedicated to preserving your revenue.