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What You Don't Know about MIPS 2020 May Hurt Your Finances by P3Healthcare Solutions





What You Don't Know about MIPS 2020 May Hurt Your Finances by
Article Posted: 03/04/2021
Article Views: 104
Articles Written: 5
Word Count: 536
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What You Don't Know about MIPS 2020 May Hurt Your Finances


 
Health,Insurance
Most MIPS-eligible physicians, even in their fourth year, do not explicitly know about the reporting requirements. It can disturb their reporting process and leave a financial dent by not meeting their estimated payment adjustments.

However, clinicians who take professional assistance from MIPS Qualified Registries generally do not have to fret over poor reporting. Their focus is majorly on compliance with the MIPS requirements to help physicians avoid the penalty.

Be Careful about Your MIPS Data Submission 2020

Now we have MIPS 2020 reporting deadline due by March 31, 2021. We cannot change the past. However, we can look forward to adding value to the present situation.

During this time, many physicians must have heard about MIPS consulting services. But it is up to physicians to choose consultants who are experienced with MIPS reporting administrative work.

If you are reporting as an individual eligible clinician, group, or virtual group, you must consider the following things in mind. Professional MIPS Qualified Registries already know about these rules. If you are in touch with any of them, you do not need to worry.

If not, this article will help you know some factors about MIPS 2020 reporting that you should consider before sending data to CMS. Or else, the revenue cycle of your medical practice might get hurt.

Research Well About Your MIPS Quality Measures

Many clinicians report data timely but still don’t get expected payment adjustments. Reason? It’s their submitted measures. Your reported measures might not be specialty-specific and can cost you major points.

Avoid using:

  • Topped-out measures (Measures in which physicians cannot exceed performance excellence
  • General measures with lesser points
Keep in mind that reviewing MIPS Quality Measures before you submit data can help you maximize your performance.

Review If You Meet Reporting Requirements

Another factor to carefully consider is that no strict reporting requirement stays unmet. For Instance, medical practices should meet the patient volume threshold as described by the CMS.

If you report MIPS measures but do not meet the basic criteria, what is the point? Thus, ensure that you comply with MIPS 2020 reporting submission requirements.

Moreover, MIPS data must qualify with at least 70% of the eligible physicians. If you fail to achieve this goal, and you might not qualify for the incentives.

MIPS Qualified Registries keep check on these factors and help physicians report data efficiently.

Document Accurate Clinical Data

Medical practices must check and review data throughout the year to adjust according to the changing dynamics. It allows you to stay consistent with the requirements and implement strategies that benefit you in the long run.

Conclusion

Apart from the general instructions, eligible clinicians must consider the reporting requirements religiously. Physicians do not have to spend hours catering to the administrative data, but they can consult a MIPS Qualified Registry to take care of the process effortlessly.

So, ensure the above-mentioned factors while MIPS 2020 reporting and submit data timely to achieve your financial target. It will not only improve the quality of healthcare services as per MIPS performance categories but smoothen your revenue cycle management.

Related Articles - MIPS Qualified Registries, MIPS Data Submission 2020, MIPS consulting services, MIPS reporting, MIPS Quality Measures,

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