By Alex Tate
If I Don’t Report Medicare Will Ding Me?
Last year Medicare implemented the Merit-Based Incentive Payment System (MIPS). MIPS is a risk and an opportunity to add to your income. You should, at least know what is going to happen to your Medicare payments.
For most physicians, Medicare remains the largest single source of income, and while Medicare Advantage Plans are growing in membership, they still make up only a fraction of the Medicare population. However, depending on your location, and participation in Medicare Advantage Plans, you could find yourself exempt from MIPS based on your patient mix, so it is worth a quick check of your patient revenue sources, and number of patients before expending the time to learn MIPS submissions.
Additionally, most physicians, aside from the obvious specialties like pediatricians, and potentially OB/GYNs are still subject to MIPS, so unless you want to volunteer for a cut in your Medicare payments, best to get on top of what is required, and make submissions part of your routine.