Change can be difficult; especially when the change effects how you grow your practice and generate revenue. The Centers for Medicare & Medicaid Services (CMS) understands this difficulty and has announced they are offering flexible participation levels for the first performance period of the Merit-based Incentive Payment System (MIPS), which starts January 1, 2017.
While the CMS provides four different flexible participation options for the first pay period, we think it’s beneficial for your practice to participate in full during the first year, meaning that you must meet the program requirements for a full 90-day period. Below are three benefits of starting MIPS the first year.
3 Optical Practice Benefits of Starting MIPS the First Year
Since the first year of participation will be evaluated with a +/- 4% payment adjustment, you can gain valuable practice in reporting for MIPS without the impact of a negative adjustment affecting you too much. In the following years, the payment adjustments go up significantly. If you start early, you can figure out sooner how to effectively land on the plus side of the scale for the following adjustment years when the percentage rates go up to 9%.
Greater Payout Potential
Many doctors of optometry will likely slowly ease into the MIPS transition by participating in the three flexible participation options for the first performance period. However, if you participate in full for the first reporting year, you will have less competition to receive the +4% increases as well as the possibility to receive an additional payment adjustment.
Become an Industry Expert
After the first year, if you’re one of the few participants that received the payment bonus, you can use your knowledge of MIPS to share with other practices and doctors who may be struggling with their transition. This will help you quickly become a trusted advisor and will put you in contact with other thought leaders across the industry.
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