Almost all clinics, hospitals, and physician practices have some understanding of MIPS – the Merit-based Incentive Pay System – and APM – Alternative Payment Methods, as set out by the Centers for Medicare & Medicaid Services (CMS).
MIPS – Merit-based Incentivized Payment Systems – is part of the CMS (Centers for Medicare & Medicaid Services) Quality Payment Program, and is designed to reward physicians and clinicians who report with quality data about patient outcomes, and other key metrics that can help determine the overall level of care for Medicare beneficiaries.
By Amy Mosher-Garvey, Director Account Management, Forward Health Group
One of my great delights working in the account management department at Forward Health Group is when the trajectory of my work in data analytics and improved outcomes crosses with that of my clinical experience.
In our previous post, we looked at the first two strategic objectives of the Quality Payment Program – which consists of MIPS – the Merit-based Incentive Pay System – and APM – Alternative Payment Methods, as set out by the Centers for Medicare & Medicaid Services (CMS)
MIPS – Merit-based Incentivized Payment System – If you work with Medicare, this is going to impact how you get paid. MIPS is an excellent way for docs to earn performance-based pay based on the quality of care provided to their patients.
There is good news for both cancer patients and health care providers alike; the new Oncology Care Model introduced by CMS will promote value-based care from now on, rather than the old payment structures for cancer care providers, which rewarded quantity over quality. Starting July 1, 2016, over two hundred different physicians and seventeen insurance companies have been chosen to take part in the new Oncology Care Model. The model will run all the way through June 30, 2021, and health care providers participating in it will be able to assume financial risk, should they choose to do so, as soon as 2018.