By now, healthcare organizations are well aware that the Medicare Access and CHIP Reauthorization Act (MACRA) has big changes coming for Medicare payment in 2019. However, multiple surveys have shown that the majority of providers are unprepared for the changes and aren’t sure how they’ll be affected. By the latest Centers for Medicare & Medicaid Services (CMS) estimates, more than 800,000 physicians will be exempt from the Merit-Based Incentive Payment System (MIPS) and its reporting requirements for 2017.
Still, it’s imperative for providers to understand that if they are not exempt based on the official criteria, they will be placed in the MIPS program and subject to payment reductions. Like taxes, MIPS participation is not optional, and lack of awareness or knowledge won’t save providers from being penalized.