MIPS Agreement: What You Need to Know
The Merit-based Incentive Payment System (MIPS) is a performance-based payment model under the Quality Payment Program (QPP) implemented by the Centers for Medicare & Medicaid Services (CMS) in 2017. MIPS evaluates eligible clinicians based on their performance in four categories – Quality, Promoting Interoperability, Improvement Activities, and Cost.
One of the requirements for participating in MIPS is signing a MIPS agreement. The MIPS agreement is a legal document that outlines the terms and conditions for participating in the program. It is a binding contract between the eligible clinician and CMS.
The MIPS agreement is accessed and signed through the CMS Enterprise Portal. Once signed, it is valid for the duration of the program year. The agreement contains important information such as the clinician`s eligibility status, program requirements, performance metrics, and payment adjustments.
It is essential for eligible clinicians to carefully review and understand the MIPS agreement before signing it. The agreement includes specific requirements that must be met to avoid payment penalties and to potentially earn incentives. These requirements include reporting quality measures, promoting the use of certified electronic health record technology, completing improvement activities, and reporting cost data.
It is important to note that signing the MIPS agreement does not automatically guarantee eligibility for the program. Eligible clinicians must also meet certain criteria, such as providing services to Medicare beneficiaries, billing for Medicare Part B services, and meeting the low-volume threshold.
In addition, eligible clinicians should familiarize themselves with MIPS reporting requirements and deadlines to ensure they are meeting program requirements. Failure to meet program requirements can result in negative payment adjustments, which can impact revenue.
In conclusion, the MIPS agreement is an essential component of participating in the MIPS program. It outlines the terms and conditions for participation and serves as a binding contract between the eligible clinician and CMS. Eligible clinicians should carefully review and understand the agreement before signing it and ensure they are meeting program requirements to avoid payment penalties and potentially earn incentives.