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Unveiling the Secrets of MIPS: Strategies in Value-Based Care feat. Kimberly Bailey
Manage episode 400561001 series 3490450
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Kimberly Bailey, partner and owner of KRK Value-Based Consulting, speaks with host Janelle Ball about implementing MIPS (Merit-Based Incentive Payment System) and its impact on physician reimbursement under Medicare. They also discuss the points system in MIPS and the minimum requirement of 75 points to avoid a negative adjustment.
MIPS consultants like Kimberly Bailey and her KRK consulting team can help medical practices navigate the program and maximize their performance.
DISCLAIMER: This podcast is for informational purposes only and should not be considered medical or health advice. This podcast does not substitute medical treatment. Always consult a doctor or dermatologist regarding medical advice, diagnoses, or treatment.
Kimberly Bailey explains the origins of MIPS, detailing how it emerged as a solution to the unsustainable Medicare reimbursement model based on the sustainable growth rate. MIPS, which stands for Merit-Based Incentive Payment System, is a data program implemented by CMS (Centers for Medicare and Medicaid Services) to shift from fee-for-service to value-based care. She highlights the shift from fee-for-service to value-based care, emphasizing the program's focus on data collection and preventative care to improve patient health and reduce Medicare spending.
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One crucial aspect of the MIPS program is the requirement for thorough documentation. While MIPS can be complex and time-consuming, it offers the potential for increased reimbursement for medical practices. Physicians can improve patient outcomes and enhance their financial viability by focusing on value-based care and meeting the program requirements. Kimberly Bailey proves she is an expert on this subject by explaining MIPS in a practical and straightforward method on That’s Derm Good!
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