QPP MIPS reporting has become an obligation that every eligible clinician has to oblige to. And, there are three methods that CMS offers as a way to report data. Individual MIPS data submission, group data submission, and virtual group data submission.
In this article, we will take you into details of how to report data in a group.
How Can You Qualify for Group MIPS Participation?
When at least two MIPS qualified clinicians have a similar TIN (Tax Identification Number), they can report collectively as a group.
What Can You Gain from MIPS Data Submission as a Group?
MIPS (Merit-Based Incentive Payment System) is an approach to get incentives and rewards for quality medical care delivery to patients. And like previous years, there are many opportunities that doctors can avail themselves in regards to MIPS as a group in 2021 as well. It’s obvious that the managerial burden is lesser and is divided between all stakeholders across the board.
More and More Clinicians Are Opting the Option of MIPS Group Reporting in 2021
CMS report says that as time passes by, an ever-increasing number of clinicians are keen on forming groups. We are not surprised as it is one of the easiest reporting methods.
How does MIPS group reporting operate within clinicians? Is it practical for MIPS-qualified clinicians to form a group? Is it helpful for clinical practices? We have the answer to all these inquiries.
How Does MIPS Group Data Submission Work?
The essential basis to shape a MIPS group is to have at least two doctors in clinical practice under a similar active TIN.
In the end, collective information gathered from all participating members is evaluated by the CMS.
Moreover, every clinician will get a similar MIPS score at the end of MIPS 2021. Besides, everybody will receive similar incentives and rewards.
We must also remember that clinicians who decide to report in a group will also get their performance data analyzed individually as well. So, in the end, the incentives or MIPS rewards will be granted in light of the score where clinicians will perform better.
Surpass the Performance Threshold Easily with Group MIPS Reporting
Each year, the performance value is rising rapidly as many physicians now already know its dynamics. Moreover, there is MIPS Qualified Registry that is helping physicians with the administrative work. So, we now know the reason why CMS is raising the performance bar, and working in a group participation strategy is more likely to generate desired outcomes.
Therefore, MIPS data submission 2021 in a group makes more sense, and it is easier to target objectives.
Groups are Easier to Manage!
For group MIPS data submission, clinical practices don’t need to compile data individually for all clinicians. An easier option is to consult a MIPS Qualified Registry to submit high-performing MIPS Quality Measures for your group.
You would have lesser front-desk work to manage, and you can oversee information effectively without stress.
Let’s move to the latest updates for this year.
What’s New for Group Reporting in 2021?
Group participation is key for all clinicians who want to enjoy the financial gains from CMS without much load. So, MIPS reporting in this regard is especially valuable when any clinician is unable to meet the performance edge.
Clinicians! You Have the Chance to Gain Financial Benefits to the Max!
When you report collectively, the payment incentives imply to all members of the group. Regardless of whether any clinician has neglected the required parameters, they would still qualify for the incentives, well, all thanks to their group.
Clinicians can get rewards of up to 5% if they show exceptional performance. It is a great opportunity for financial gains, and if a clinician thinks that individual reporting is too much of a burden, you can easily combine your efforts with your fellow doctors.
MIPS eligible clinicians! You can gain various benefits by reporting MIPS data 2021 if you choose a group. The reality is you can save time and investments in terms of attention to detail and still have your data accommodated to register your quality healthcare to CMS.
We suggest consulting a MIPS Qualified Registry for successful outcomes.