As the end of the year approaches, many healthcare providers are focused on finishing strong—both for their patients and for the Merit-based Incentive Payment System (MIPS). With the 2024 performance year almost behind us, now is the time to make sure everything is in place for a successful MIPS submission. Whether you're on track or facing challenges, here are key steps to ensure your practice finishes the year strong and sets the stage for success in 2025.
1. Review Your MIPS Categories
MIPS consists of four main performance categories: Quality, Cost, Promoting Interoperability (PI), and Improvement Activities (IA). Here’s a quick checklist to make sure you’re ready for the final submission:
Quality: Have you met the 75% data completeness requirement? Check that you've accurately submitted measures and that your data is up to date.
Cost: Cost performance is automatically calculated by CMS based on claims data. If your practice is eligible for cost measures, review your resource utilization to ensure it’s aligned with MIPS expectations.
Promoting Interoperability (PI): Ensure your EHR meets Certified EHR Technology (CEHRT) standards, and that you're on track to meet patient engagement and interoperability requirements.
Improvement Activities (IA): Double-check that you’ve completed the required Improvement Activities and can attest to them via the QPP portal.
2. Maximize Your Score for 2024 MIPS Reporting
Your final MIPS score will impact your Medicare reimbursement for the next year. Now is the time to ensure that you’re making the most of available opportunities:
Address Gaps: If any categories or measures are incomplete, see if you can quickly address them before the end of the year.
Leverage High-Performance Measures: Focus on measures where your performance has been strong to ensure maximum points.
Hardship Exemptions: If you’ve faced any significant challenges—such as EHR issues, natural disasters, or cybersecurity breaches—consider applying for a hardship exemption.
3. Prepare for Data Submission
Don’t leave data submission until the last minute. Whether you’re submitting through Medicare Part B claims, eCQMs, or a registry, you’ll want to make sure everything is correct before hitting send.
Confirm Submission Methods: Make sure you’ve selected the right reporting mechanisms for each category.
Finalize Submission: Aim to submit your data as early as possible to avoid last-minute errors or delays.
Check for Errors: Double-check your data for completeness and accuracy. A MIPS consultant can help audit your data to ensure everything is aligned with CMS requirements.
4. Keep an Eye on Deadlines
The final deadline for submitting your MIPS data for the 2024 performance year is March 31, 2025. However, it's recommended to submit your data well before the deadline to allow time for any potential corrections.
Timeline: Plan your submission at least a few weeks ahead of the final deadline to ensure you're not rushed.
Audit and Adjust: If you need to make adjustments, do so well before the deadline. The earlier you submit, the more time you’ll have to address any discrepancies.
5. Reflect and Plan for 2025
As you finish your MIPS reporting for 2024, take time to reflect on what worked and where you can improve for the upcoming performance year:
Review Performance Feedback: Once your 2024 submission is complete, review CMS’s feedback report to understand your strengths and areas for improvement.
Consider MIPS Value Pathways (MVPs): For 2025, consider transitioning to MVPs, which are designed to streamline reporting by grouping related measures for specific specialties.
Set New Goals: Take advantage of the new year to set clear MIPS goals for 2025 based on your 2024 performance.
Finishing your 2024 MIPS reporting with confidence is critical to achieving positive payment adjustments and ensuring your practice is recognized for quality care. By reviewing each category, addressing gaps, submitting data early, and reflecting on your performance, you can finish the year strong and set yourself up for future success.
Need help navigating the final stages of MIPS reporting? A MIPS consultant can guide you through the submission process, audit your data, and help optimize your score to maximize your Medicare reimbursement. Reach out today to get started on the final steps of your 2024 MIPS journey! 803-205-2544
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