How to Make Your Practice MACRA Ready?

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CMS has already finalized the reform and the payment structure for the Medicare clinics this further paves the way for value-based care. For some physicians, the very term MACRA has got them into enough dizziness. MACRA comprises of more than 2,400 pages of regulations; so we don’t really expect a different reaction from the physicians trained only to handle human body. The already looming concerns over future of Affordable Care Act (ACA) are driving down the percept of physicians.

Physicians were accustomed to work with a lot of data and changes but the new rule under MACRA has created loads of healthcare concerns about how the reimbursement process is going to take shape? And how clinicians have to share the responsibility about the same? It’s clear from their concerns that there is still a lot to learn and teach for the regulators.

The current situation of Affordable Care Act (ACA)?

For many, it’s even unclear that the congresses will completely repeal the current ACA or marginally repeal the ACA. MACRA was separate legislation passed it was meant to evolve the current healthcare system but it will be changed completely or repealed is still a mystery for the healthcare sector.

The current situation is gravely affecting the healthcare sector. The physicians are either combining their services and setting up a clinic to make their practice strong in terms of reimbursement and the cost sharing during the times of structural changes in the RCM process or physicians are looking to quit the current practice.

Here are some of the shocking insights covered in the recent survey conducted

The recent survey conducted by physician’s Foundation show that currently 48 percent of physicians are looking towards early retirement or towards non-clinical jobs or limit the time working on patient practices. Breaking it down 14.4 percent say that they will retire in next two or three years. 21 percent physicians say that they will cut back on hours, and 13 percent will look for non-clinical jobs.

Implementing the current MACRA rules and regulations

While 32 percent recognize the name but are not familiar with its regulations, 50 percent respondents never heard of MACRA. 21 percent of physicians say that they somewhat are familiar with laws but are still reluctant about the CMS implementing it.

In every 8 out of 10 physicians prefer Fee-for-Service (FFS) or salary based compensation and strongly opposing the value-based payment model. Some of the physicians and clinics qualify under the MACRA’s APM program. Now most of them believe in the simple fact that MACRA is going to bring in more stress on the current practice to be precise 74 percent of respondents believe that the performance reporting is a burden and 79 percent believe that relying on quality for compensation is also a burden.

In the survey, physicians spend an average of 15.1 hours every week processing quality metrics of practice. The physicians on an average spend the average cost of $40,069 per physician, per year. Now, though the positive outlook set out by federal government the physicians are still reluctant to embrace the current regulations set CMS

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