You could receive penalties of up to 10% in 2018 based on activities in 2016. Or, if you demonstrate high quality and low cost in 2016, your Medicare payment rates in 2018 could be higher than the standard reimbursement.
Durham, NC (PRWEB) January 20, 2016
Medicare has transitioned to pay-for-performance. In 2015, Congress repealed the SGR formula for calculating Medicare payment rates. It will be replaced by a new acronym called MIPS – Merit-Based Incentive Payment System. The new Merit-based Incentive Payment System (MIPS) payment adjustments will begin from January 1, 2019. Under the new system, separate payments adjustments under the Physician Quality Reporting System (PQRS), Value-Based Payment Modifier (VM), and the Medicare EHR Incentive Program will end on December 31, 2018. However, changes are already taking place and providers need to know what to expect from Medicare in 2016, with regards to Medicare penalties and incentives. Providers and physicians need to be aware of changes to Medicare PQRS, Value-Based Modifier and Meaningful Use programs for the 2016 reporting year, as well as key deadlines for the 2016 reporting year.
Medicare reimbursements are now based partly on the quality and cost of the care provided to patients. Failure to meet the requirements of Medicare’s Quality programs in 2016 can result in up to a 10% drop in future Medicare payments. Providers could receive these penalties of up to 10% in 2018 based on activities in 2016. Or, if they demonstrate high quality and low cost in 2016, their Medicare payment rates in 2018 could be higher than the standard reimbursement. Medicare will be publishing the scores for practices and providers and encouraging patients to use low-cost and high quality providers. It’s imperative to learn the strategies to achieve this.
However, balancing low costs while still providing high quality treatment seems like an impossible tradeoff sometimes. To help practices achieve the necessary balance between low costs and high quality treatment, AudioEducator will host a Live Audio Conference presented by noted expert Jeanne Chamberlin titled “Medicare Penalties and Incentives – 2016 Update for Medical Practices” on Wednesday, Jan 27, 2016. During the session, Jeanne will discuss activities that can be used to meet the requirements for multiple quality programs under Medicare. She will help attendees get a firm grasp on the 2016 requirements for meeting Meaningful Use, PQRS and maximizing scores for the Value-Based Modifier Program while ensuring they are updated on the details of these programs, which change year-to-year.
She will also provide tips on how to be on the top scale of the Medicare’s quality performance scores while giving a basic overview about how the current Medicare Quality Programs will be combined and transitioned into the new MIPS. In addition, attendees will get a timeline of key steps that are needed throughout 2016 to avoid penalties and position their practice to maximize incentive payments under the Medicare program.
For more information visit: http://www.audioeducator.com/medical-coding-billing/2016-medicare-payment-requirement-updates-01-27-2016.html
AudioEducator is the country’s leading source of knowledge and training for professionals in Medical Coding and Billing. Our healthcare conferences and webinars are conducted by nationally renowned experts, consultants and legal experts who provide a fresh perspective on healthcare issues and trends. AudioEducator offers important updates, regulatory knowledge and com information on the latest coding and billing news in various medical specialties. It has provided thousands of healthcare professionals the opportunity to get answers to their most complex questions directly from experts. To know more visit: http://www.audioeducator.com