Get Up to 9% Incentive on Medicare Reimbursements with Accurate MIPS Documentation
Transcure assists you in compiling all the required documents and provides comprehensive MIPS consulting services to improve your financial health.
Get Up to 9% Incentive on Medicare Reimbursements with Accurate MIPS Documentation
Transcure assists you in compiling all the required documents and provides comprehensive MIPS consulting services to improve your financial health.
What Is the MIPS System?
The Merit-based Incentive Payment System (MIPS) is a Medicare program under MACRA designed to reward healthcare providers for delivering quality, cost-efficient care. Providers like physicians, nurse practitioners, and physician assistants must participate unless exempt. MIPS focuses on areas such as patient outcomes, care improvements, and technology use. Clinicians earn a MIPS score based on their performance, which affects Medicare reimbursements—higher scores mean bonuses, while lower MIP scores result in penalties. For MIPS 2024, providers report on updated MIPS measures 2024 to meet compliance and avoid penalties. By participating, providers align with Medicare’s value-based care goals and improve patient outcomes while optimizing their payments.
Avoiding Penalties and Enhancing Practice Revenue for Providers with MIPS 2024 Services
Our medical MIPS MACRA services simplify MIPS reporting, helping you choose the right measures, improve performance, and secure higher scores while avoiding penalties and providing better care.
How the MIPS Payment System Works to Calculate Your Reimbursements?
MIPS for Medicare is built on four key performance categories that determine a provider’s final MIPS score and payment. Each category focuses on specific aspects of care, encouraging better outcomes, efficiency, and patient engagement. Here are the four components:
Quality MIPS
Clinicians report on MIPS quality measures like outcomes, safety, patient experience, and costs, which form the largest part of the MIPS score and have a weightage of 30%.
Promoting Interoperability (PI)
It rewards providers for using certified EHRs to improve care, data sharing, and patient access, with measures like e-prescribing, making up 25% of the MIP score.
Improvement Activities (IA)
The Improvement Activities (IA) category, 15% of the MIPS score, rewards clinicians for enhancing care through activities like engagement, coordination, and managing chronic conditions.
Patient Cost Spending
Medicare evaluates the cost of care through claims data, focusing on resource efficiency and ensuring high-quality outcomes without unnecessary spending. Its weightage is 30%.
Our Success in Numbers
Why Enrollment in MIPS Medical System 2024 Is Important for You?
Enrolling in MIPS 2024 is important for providers because it ensures compliance with Medicare requirements, prevents payment penalties, and offers the opportunity to earn financial incentives. Providers can receive positive payment adjustments ranging from 1% to 9% for high performance, while those who fail to participate or meet thresholds face a 9% penalty on Medicare reimbursements. Additionally, MIPS scores are publicly reported, which can impact a provider’s reputation and competitiveness. Skipping enrollment risks financial losses, reduced credibility, and missed opportunities to improve care quality.
How Does Transcure Assist You in MIPS Data Compilation & Submission?
Transcure simplifies your MIPS 2024 submission by handling everything from providing MIPS consulting services to ensuring compliance with MIPS CMS standards. Here’s how we assist you:
- We compile and structure data from EHRs, meeting MIPS CMS and MIPS payment system standards.
- Identify gaps and boost your MIPS score with tailored strategies for improvement.
- Ensure timely and error-free submissions to avoid penalties under MIPS Medicare regulations.
- Align all data with MIPS MACRA and quality MIPS standards to prevent reporting errors.
- Choose impactful and achievable MIPS quality measures 2024 to maximize results.
- Prepare complete and accurate documentation for potential CMS audits.
- Minimize risks of scoring penalties by addressing high-risk areas proactively.
Eligibility Requirements for MIPS Participation
To participate in MIPS Healthcare 2024, providers must meet specific thresholds for Medicare billing, patient volume, and services provided. These criteria ensure that only eligible clinicians are subject to performance reporting and payment adjustments:
Provider Type
Providers eligible for MIPS include physicians, physician assistants, nurse practitioners, clinical nurse specialists, and certified registered nurse anesthetists.
Medical Billing Threshold
Providers must bill at least $90,000 in Medicare Part B charges to meet the MIPS billing threshold.
Patient Volume
Providers must have cared for 200 or more Medicare patients to meet the MIPS patient volume requirement.
Services Threshold
Providers must perform 200 or more covered professional services under the Physician Fee Schedule to meet the MIPS services threshold.
MIPS Registry Submission Services
- Guidance for CMS submissions
- Support for measure selection and reporting
- Performance tracking and improvement
- Accurate data submission and compliance
The Only Subscription You Need for Your MIPS Submission
The Support You Need, When You Need It
- Submit for multiple performance categories
- Ongoing support available to assess your reporting
- Calculate your scores in real time before submission to CMS
Unlock Up to 9% Bonus on Your Medicare Reimbursements
Get Started Today!
Contact us for a consultation, to learn more about MIPS submissions, consulting services, and program incentives.
Frequently Asked Questions (FAQ's)
What is Merit-based Incentive Payment System (MIPS) documentation, and why is it important?
What documents are required for MIPS reporting?
How do I choose the right MIPS measures for my practice?
What happens if I miss a submission deadline?
Can I update or correct my MIPS data after submission?
How long should I retain MIPS documentation?
CMS recommends keeping MIPS-related documents for at least six years in case of audits. For more information visit Code of Federal Regulations.
What is the deadline for MIPS reporting 2024?
The Merit-based Incentive Payment System submission deadline for the 4th quarter of 2024 is March 31, 2025. Clinicians must report their performance data by this date to avoid penalties and potentially earn positive payment adjustments.
How Transcure’s MIPS Consulting Services Help You Get Higher Reimbursements?
Transcure is your trusted partner for MIPS consulting services, making the entire process simple and stress-free. Our MIPS experts help you submit data for all four MIPS components with ease and accuracy. For Quality, we identify the best MIPS quality measures for your practice, collect data, and ensure proper MIPS reporting to boost your score. In Promoting Interoperability (PI), we optimize your EHR system and guide you on MIPS measures 2024, like e-prescribing and patient access.
For Improvement Activities (IA), we help you choose impactful activities, document them, and earn full credit. In the Cost category, we review your claims data and suggest ways to improve efficiency. With Transcure, you get expert support to meet deadlines, avoid penalties, and maximize your MIPS incentives.
