{"id":7048,"date":"2016-12-27T06:50:22","date_gmt":"2016-12-27T06:50:22","guid":{"rendered":"http:\/\/www.medicalbillersandcoders.com\/blog\/?p=7048"},"modified":"2022-04-07T17:32:17","modified_gmt":"2022-04-07T12:02:17","slug":"the-facts-about-macra-every-physician-should-know","status":"publish","type":"post","link":"https:\/\/www.medicalbillersandcoders.com\/blog\/the-facts-about-macra-every-physician-should-know\/","title":{"rendered":"The Facts about MACRA Every Physician Should Know"},"content":{"rendered":"

MACRA \u2013 Medical Access & Chip Re-authorization ACT is a new initiative, a new reform that has assured to have a better and efficient modified version of medical service system of the USA from the previous one. It is a bilateral federal legislation law signed, which was made official and announced on 16th<\/sup> April, 2016.<\/p>\n

Among-st several healthcare changes that have altered under \u201cMACRA\u201d; the major attraction of this new reform is it inaugurates new ways when it comes to paying physicians. This law also incorporates funding for development and testing, and technical assistance.<\/p>\n

The law is believed to have all the potentials to restructure US healthcare industry. The federal department of health and human services will be drafting new rules and regulations of this new reform.<\/p>\n

Everybody who is busy discussing MACRA including medical billing services<\/a><\/em><\/strong>; with all \u201cifs and buts\u201d the facts can be found below mentioned.<\/p>\n

The core facts of MACRA that every physician and Medical billing provider should know are:<\/h2>\n

#Fact 1<\/h3>\n

MACRA cancels the SGR formula which resolute reimbursement rates for the physicians. This new reform has replaced it by offering various ways of paying for the healthcare. The physicians will be paid based on the care and quality provided (i.e. effectiveness, performance).<\/p>\n

With the revised revenue cycle management for the physician<\/a><\/em> <\/strong>the payments will vary depending on how well they are performing and not on the volume like present medical service system.<\/p>\n

High-value care will be demarcated measuring the efficiency and quality provided by the care providers and this is how their earnings will vary depending on their performances.<\/p>\n

#Fact 2<\/h3>\n

MACRA has initiated value base payment approach that consists of 2 renewed compensation structures.<\/p>\n

These 2 reimbursement modes are:<\/h4>\n
    \n
  1. MIPS \u2013 The Merit Based Incentive Payment System<\/strong> is a combination of Value Based Payment Modifier (VBPM), Medicare Electronic Health Record (EHR) and Physician Quality Reporting System (PQRS). This payment system comes featured with the salient features of the above mentioned programs.<\/li>\n<\/ol>\n
    Under this payment system the physician\u2019s performance will be measure and paid on:<\/h5>\n