Participation in the KAMMCO HIE Network can help you EQUIP for MIPS in a number of ways.
There are four performance categories that make up your final MIPS score. Your 2019 final score determines your payment adjustment for 2021. These categories are: Quality, Promoting Interoperability, Improvement Activities, and Cost.
MIPS was designed to tie payments to quality and cost efficient care, drive improvement in care processes and health outcomes, increase the use of healthcare information, and reduce the cost of care.
The MIPS Performance Year begins on January 1 and ends on December 31 each year. Program participants must report data collected during one calendar year by March 31 of the following calendar year. For example, program participants who collected data in 2018 must report their data by March 31, 2019 to be eligible for a payment increase and to avoid a payment reduction in 2020.
Based upon the Merit-based Incentive Payment System (MIPS), there is revenue to be gained or revenue at risk based upon how you perform. If, for example, you receive $200,000 in Medicare Reimbursement annually, the financial impact according to the MIPS schedule is as follows the first year: