The Merit-based Incentive Payment System (MIPS) has only been around for a few years, but it has already become a commonly confused topic among practices of all specialties. If you plan to review your previously reported data, the time is now.

With the October 1st deadline fast approaching, practices are running out of chances to go over their final scores and feedback for data reported during the 2017 year of MIPS. This information, available directly from CMS’ Quality Payment Program website, must be reviewed by the end of September if practices want to have any hope of requesting a targeted review and contesting their final decision. Although it is technically possible to complete this process any point prior to the deadline, CMS strongly encourages practices to submit their requests before the end of July.

But what all does this report contain? If done properly, it should have all of your reported 2017 data, as well as your reimbursement adjustment for 2019. Depending on how well you met the reporting requirements, you and your practice could see anywhere from a 4% reimbursement increase, to a 4% reimbursement decrease, to no change at all.

It is important to note, however, that not all reimbursement information factors into your overall score. The “Cost” category does not influence the 2017 scores, but given that it carries a 10% weight for the 2018 reporting year, practices would do well to review its guidelines so that they can use it properly in the years to come.

If you and your practice received a score that you find unfavorable, it is highly recommended to study what went wrong and how to do better in the future. In addition to receiving a better reimbursement rate, you will also help cultivate a better public image, as MIPS scores are not considered private data. Although there is no official date set yet, CMS plans to release these scores on the Physician Compare website sometime before the end of the year.