In today’s world, running a consumer-facing business can be difficult. Overseeing day-to-day operations, keeping up with technology, managing your reputation, and staying compliant with applicable regulations, are all items business owners need to be aware of to ensure success.
The rise in websites like Angie’s List, Yelp, Consumer Affairs and other service-review pages, have the potential to make a significant impact on a business’s reputation and bottom line.
The Centers for Medicare and Medicaid Services (CMS) is also interested in transparency and is now making MIPS scores publically available, and there is nothing to prevent consumers or competitors from posting them directly to popular service review sites.
Clinicians need to be aware that poor MIPS scores could lead to a loss of clients and revenue. While smaller practices that rely on specialized loans to finance operations could be in jeopardy of having funding rescinded should they not reach a minimum MIPS score, effectively forcing them to shut down.
Adding to this already tumultuous scenario is that some clinicians – particularly those slow in adopting an EMR – simply don’t understand the repercussions that a poor MIPS score could have.
While CMS has made efforts to inform clinicians about the new reporting structure and features that include the ability to dispute scores ahead of publication, many provider are uninformed and simply unprepared for what’s ahead.
Fortunately, solutions are available and partnering with the New Jersey Innovation Institute (NJII) is a key first step to successful MIPS reporting. NJII offers consulting services, data-aggregation expertise and quick program recommendations that are sure to keep clinicians on track and maximize incentives for 2020 MIPS reimbursements.