MIPS is a Centers for Medicare & Medicaid Services payment model that combined Meaningful Use (MU), the Physician Quality Reporting System (PQRS), and the Value-Based Payment Modifier (VM) programs. It begins on January 1, 2017 and will provide annual payment incentives or penalties to eligible providers (EPs) starting in 2019.
The Merit-Based Incentive Payment System
MIPS focuses on four categories, giving providers a composite score that serves as a modifier on their Medicare Part B reimbursements in subsequent years.
- Resource Use/Cost
- Improvement Activities (a new measure of care coordination, patient engagement and safety)
- Advancing Care Information (Meaningful use of a certified EHR)