MIAMI--(BUSINESS WIRE)--CareCloud, the platform for high-performance medical groups, announced today that one-hundred percent of the clinicians submitting data through the company’s MIPS Success Guarantee Program will avoid penalties and are eligible for bonuses based on preliminary performance feedback provided by The Centers for Medicare and Medicaid Services (CMS). Additionally, 45% of the providers that submitted data through the CareCloud program earned scores placing them above the exceptional bonus threshold and thus eligible for additional positive payment adjustments in 2019.
“Our clients placed their trust in our technology and our team to help set them up for what was an entirely new way of tracking and reporting data,” said Ken Comée, CEO of CareCloud. “We’re delighted for our clients, not just because of the initial financial gain they’ll realize, but also because they are now well positioned to deliver exceptional value-based care.”
In early 2017, CareCloud announced the MIPS Success Guarantee Program to help its medical group clients comply with the Merit-based Incentive Payment System (MIPS) regulations from CMS. Through the program, CareCloud built and provided an embedded MIPS dashboard alongside clinical quality templates and specialty-specific processes to streamline data collection and reporting - all free of charge. In addition, CareCloud’s expert team of client success managers provided consultative support to participating practices, building customized Action Plans for each client. This support included helping practice leaders determine which quality measures to report, how to modify their workflows to optimize performance around those measures, and how to leverage their technology to facilitate the entire process.
Among the clients qualifying for bonuses was Vanguard Rheumatology of Miami Beach, Florida, which has used CareCloud Concierge for revenue cycle management (RCM) since 2016. As part of this work, CareCloud’s account manager worked closely with Vanguard to create a custom MIPS Action Plan and successfully report on Quality Measures to qualify for an incentive bonus payment.
In speaking of Vanguard’s experience working with CareCloud, Dr. Carlos Sesin, Founding Partner said, “The regulatory and reporting requirements for MIPS are complex and tricky to navigate in rheumatology and our account manager has been invaluable in getting us set up for success. I feel like I’ve got an extra employee who not only is there whenever we have questions, but also brings solutions to us.”
With the MIPS data submission period for 2017 closing on April 3, 2018, practices have now received preliminary performance feedback from CMS. Amongst the providers submitting data in the CareCloud MIPS Success Guarantee Program, nearly half (45%) earned scores above 70, which places them amongst a select few exceptional performers across the country that will receive additional bonus payments.
Eligible clinicians who did not submit MIPS data for 2017 will face a four percent fee adjustment penalty to their Medicare Part B reimbursements in 2019. Beginning in 2018, MIPS-eligible clinicians are required to submit at least 90 days of quality performance data. Those clinicians will need to begin collecting data no later than October 1, 2018 in order to avoid a 5 percent fee adjustment penalty to their Medicare Part B reimbursements in 2020.
CareCloud continues to support its clients through its MIPS Success Package as part of its clinical technology offering for practices who wish to begin participating in 2018. This includes the powerful embedded MIPS dashboard, customized clinical templates, and a personalized Action Plan from their assigned client manager - all free of charge. CareCloud’s support goes beyond penalty avoidance to flip MIPS into an opportunity to enhance quality reporting and care management, as well as capture bonus payments.
MIPS penalties could have a significant impact on U.S. physicians if they are not prepared. The severity of the penalties increases based on the percentage of Medicare Part B patients being treated within a specific practice, as well as increasing every year through 2023. Any medical group looking to succeed during the 2018 performance year must be ready to start collecting data no later than October 1, 2018.
As a cloud-based platform, CareCloud’s technology is designed to quickly update and adapt to changes in the healthcare landscape. The company is experienced in aiding clients through large regulatory shifts, previously taking its base of high-growth medical groups through the 2015 ICD-10 coding transition. Platform updates are deployed monthly, so clients can stay current on their individual reporting requirements.
CareCloud is hosting a webinar on June 6 at 12:30 p.m. EST for practice leaders interested in learning more about MIPS success strategies. Additional information is available at carecloud.com/mips or by calling 1-877-342-7519.
Additional information is available at carecloud.com/mips or by calling 1-877-342-7519.
CareCloud is the leading provider of cloud-based revenue cycle management (RCM), practice management (PM), electronic health record (EHR), and patient engagement solutions for high-performance medical groups. CareCloud helps clients increase profitability, streamline workflow, and improve patient care nationwide. The company currently manages more than $4.2 billion in annualized accounts receivable on its integrated clinical and financial platform. To learn more about CareCloud, visit www.carecloud.com.