When the Merit-based Incentive Payment System (MIPS) is implemented in 2022, the minimal performance criterion will be raised, and the weight of the Cost category will be increased, making it more difficult for smaller practices to avoid being penalized. A little more than nine percent of MIPS-eligible doctors working in small practices were penalized financially for their 2020 MIPS reporting, and there is a possibility that this percentage will increase this year. It is more critical than ever before to get started on your MIPS reporting as soon as possible, despite the fact that specific policies have been introduced to lessen the burden of reporting on small practices. What small practices need to know about the MIPS reporting requirements for 2022, as well as the steps they may take to get started right away, are outlined in this article.
Small practices must comply with certain reporting requirements under MIPS.
A practice is considered to be small if it has 15 clinicians or fewer, each of whom has their own National Provider Identifier (NPI), yet all of them submit their claims using the same Tax Identification Number (TIN). The reporting requirements that must be met by small practices in order to qualify for participation in the standard MIPS program track are the primary subject of this article.
In 2022, doctors working in small practices will be required to report MIPS if they meet any of the following criteria:
- Are a type of clinician that is qualified for MIPS*;
- Have signed up to be a Medicare provider before the year 2022;
- Are not a Participant in an Alternative Payment Model Who Meets the Qualification Requirements (QP); Exceed the Low-Volume Threshold as an Individual:
- Provide covered professional services to more than 200 Medicare beneficiaries per year; and Provide more than 200 covered professional services under the PFS each year. * Bill more than $90,000 in Medicare Part B authorized charges in Physical Fee Schedule (PFS) services each year.
- In 2022, clinical social workers and certified nurse midwives were included as two new groups of clinicians who are eligible for the MIPS program.
Clinicians are able to determine whether or not they will be eligible for MIPS in 2022 by using the QPP Participation Status Tool and inputting their unique NPI. On the internet, it will be made clear whether or not a physician or organization has been granted the privileged status of “small practice.”
How to Begin Your Reporting for the MIPS Program
In a very short amount of time, the end of the 2022 MIPS performance year will arrive. There are steps that you can take right now to get a head start on your MIPS reporting and preserve your bottom line, despite the fact that reporting may be more difficult for some clinicians this year.
Don’t Put It Off Any Longer!
This year, getting a head start on your MIPS reporting is more crucial than it has ever been. Our MIPS experts are standing by to assist you in formulating a reporting strategy that makes good sense for your practice and gets you started right away. You can be confident that P3Care will provide you with the assistance and support resources you need to keep on track with your MIPS reporting when you use their platform.