The way healthcare professionals get paid for Medicare is changing. Much like the transition to ICD-10, it’s a change that could put many small practices in jeopardy if they're not prepared. With the Oct. 2 deadline to start collecting MIPS data for the 90-day reporting period right around the corner, here’s a few key things you should know.
What is MACRA?
M.A.C.R.A. is the hottest acronym in healthcare right now and it stands for Medicare Access and Chip Reauthorization Act of 2015. The legislation is the answer to rampant Medicare spending and repeals the Sustainable Growth Rate formula (SGR), while also changing how healthcare professionals who see Medicare patients get paid.
To allow providers to ease into the new requirements for collecting and reporting data on value based care, CMS has deemed 2017 a “transition year”. That means healthcare professionals who qualify for the Merit-Based Incentive Program (MIPS) can report as little as one Quality Measure and one Improvement Activity in 2017 and still avoid a negative payment adjustment.
CMS has every intention of making the program work too, pledging $100 million in resources to help small practices get the hands-on training they need. But research shows many healthcare professionals feel unprepared for the upcoming transition. Earlier this year, the organization proposed key policy changes to further reduce the administrative burden in 2018.
Why does this matter? Reporting requirements for MACRA will likely become more stringent, so it’s important to learn about MACRA now because the program will only become more competitive over time.
How do I prepare for MACRA MIPS reporting?
Honestly, the key to MACRA is getting started.
Our recent MACRA survey found 49 percent of healthcare professionals have not encountered any information on MACRA. And that's a problem because while it may seem obvious, those who said they were more familiar with MACRA felt more comfortable about the transition. To put it simply, the more you know about MACRA the more prepared you’ll be.
It sounds almost too simple to spell out, but it’s important. The best way to prepare yourself for MACRA is to learn about it.
Check out the infographic below for more on MACRA and visit our infocenter for additional MACRA-related resources.