The Presidential election results of 2016 might have a deteriorating impact in 2017, especially to the healthcare industry, owing to the fact that President Donald Trump has promised several changes to the existing healthcare policies. The result has healthcare service providers, patients, third-party vendors, and industry observers wondering what's in store for them, not from the Affordable Care Act point of view, which President-elect Trump has threatened to abolish, but also federal mandates steering payment transformation and the transition to value-based care.
Will the gas get turned off or quietly dialed back? Will ruling Republican Party turn to various market reforms, bring ease in doing business and control the rising healthcare costs, or will the Trump administration be hell-bent on repelling Obamacare and make changes to the MACRA?
There is general understanding that the move from fee for service to value based care and consideration will continue, but the pace of this undertaking remains in question. This is a similar situation where you as a physician have a delayed payment cycle because the claims filing team did not complete their work on time. But, unlike the MACRA catch-22 situation, here the doctor's office has the leverage of an outsourced medical billing and coding team that can quicken the income cycle.
There is a high probability that a portion of the Obama Administration-driven activities of significant value based care procedures might be downsized. The Center for Medicare and Medicaid Innovation may surrender some of its payment responsibilities to Congress, which would take an active role in driving new regulations and projects.
This is a limited consolidation for millions of healthcare providers who have MACRA on their mind and are planning reallocation of time, finance and resources to get ready for implemented changes in 2017.
Here is what we know about the latest developments surrounding MACRA:
As of now there are no immediate signs that MACRA will be annulled
The Affordable Care Act and MACRA are two separate entities. The ACA is an US healthcare reform law with a purpose to provide more access, while decreasing the spending. MACRA is a bipartisan legislation signed into a law in April 2015 which was established with an approach to repay clinicians looking after Medicare recipients and lays the ground work to mark the transition from fee for service world to value based payment structure. A cancelation of the ACA is not possible; hence the annulment MACRA has very slight possibilities.
Insurance Providers should move ahead with the desire that MACRA will proceed
Insurers ought to keep on preparing for MACRA's Quality Payment Program and its two tracks. It is best in the larger context to get ready for MIPS, which we know isn't going anywhere, and for which numerous clinicians are qualified. Insurance providers should participate in Meaningful Use and PQRS today, if they are not, to acquaint themselves with the necessities to partake in MIPS in 2017.
Despite the fact that it's too soon to know for beyond any doubt what the Trump administration will bring, we have no reason to expect that MACRA will be done and dusted with. Acclimatize yourself and your practice with the necessary updating on the MACRA policies. Let your accounts department know what is in store for them, when the latest changes kick starts. But, most importantly keep a good eye on the medical billing and coding requirements that will have an impact on your revenue generation and facility growth.