With a little over half of 2017 in the rear-view mirror, how are you doing when it comes to changes in MACRA and MIPS? According to a recent joint survey from KPMG and the American Medical Association, doctors are struggling with these new regulations.
According to the survey, fewer than one in four physicians feel well-prepared to meet these quality reporting requirements in 2017, with more than half of surveyed physicians reporting that they feel MACRA requirements are “very burdensome.”
Fifty-one percent of physicians feel “somewhat knowledgeable” about MACRA and the QPP, but only eight percent reported they are “deeply knowledgeable” about the program.
Even if the majority of physicians are somewhat knowledgeable or better about the program, they may not be fully prepared for the financial ramifications of these regulations. This jeopardizes the potential for their financial success for 2018 and beyond.
The survey revealed that this lack of deep knowledge will likely hit providers’ bottom lines, as only 8 percent of respondents feel they are “very prepared” for long-term financial success. Fifty-eight percent feel slightly prepared and 26 percent feel not at all prepared. Furthermore, about one-third of physicians will likely not meet the requirement of “one patient, one measure, no penalty,” thus incurring the penalty for non-reporting.
What does this all mean for your practice? Especially for practices that receive a large portion of their revenues from Medicare Part B patients, understanding QPP reporting requirements and putting in place processes to meet them will be a key to financial success in the years ahead.
Feeling a little underwater yourself when it comes to navigating this new landscape? No worries; we’re here to help. We’re more than just medical billers – we’re trusted advisors in revenue cycle management. We help practices like yours navigate the complicated medical billing landscape to deliver financial security and growth. Contact us to learn more.