Now that the MIPS 2023 Performance Year is in full swing, it’s important to stay on top of what changes are being made to the program.
A Brief Overview of MIPS
The Merit-Based Incentive Payment Program, known as MIPS, is one of two tracks within the Quality Payment Program (QPP). The goal of MIPS is to provide a single score that reflects the quality of work done by clinicians over the course of any given year. This ‘Final Score’ is calculated using four performance categories: Quality, Cost, Improvement Activities, and Promoting Interoperability, with each category having their own weighted value. The highest possible Final Score is 100, with 75 being the performance threshold.
MIPS 2023 Timeline
Performance Threshold and Payment Adjustments: 2023 Changes
This year, for the first time, there will be no additional payment for ’exceptional performance’, meaning that any payment increases for a score above 75 will be applied linearly. The lowest negative payment adjustment is still capped at –9%.
Here are some links to additional information:
Continue following our blog for more updates on 2023 MIPS, submissions for 2022, webinars and more.