Providers breathed a sigh of relief when the final Medicare Access and CHIP Reauthorization Act (MACRA) regulations were released in October. The rules are part of the government’s Quality Payment Program, which healthcare providers can participate in through either the Merit-based Incentive Payment System (MIPS) or through Advanced Alternative Payment Models (APMs). Instead of providing an inflexible course of action, the regulations allow providers to move toward and adopt data collection and analysis practices at their own pace. The catch: those organizations that want gold medal results are likely to realize that the quicker they dive in and fully embrace data analytics, the better. A look at the five options that providers are currently facing reveals why it might be better to start participating sooner, rather than later:
“They danced and danced, but didn't take a bow." With big data gaining momentum, healthcare organizations can relate, as many have been embracing data – but few have reached a point where they can truly revel in their accomplishments and take a bow.
Healthcare organizations that participate in the Medicare Advantage program need to start paying closer attention to the need to collect more detailed encounter data – or they will soon feel much more than just a little financial pinch.