MIPS 101: Understanding the New Merit-Based Incentive Payment System
Just when you got comfortable with every other incentive program - from Meaningful Use of EHRs to the Physician Quality Reporting System (PQRS) to Value Based Modifier payment structures (VBM) - here comes another: MIPS, or Medicare’s new ‘Merit-Based Incentive Payment System.’ The introduction of MIPS may be a blessing for medical practices, since, it merges the other three programs into one.
MIPS emerged thanks to the long-awaited sustainable growth rate (SGR) fix legislation that passed the House of Representatives in March. The program isn’t final, as a variety of changes are expected to be made to the legislation as it makes its way through Congress, but in its current form it’s fairly easy to understand. Here’s what we know so far: