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MACRA Final Rules Are In: Here Is What You Need to Know

MACRA Final Rules Are In: Here Is What You Need to Know


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Debra Cascardo, MA, MPA, CFP
 
Many physicians are unaware of the Medicare Access and CHIP Reauthorization Act (MACRA), and the few who are aware of it are hoping it will go away. Guess what? It won’t. MACRA is the acronym for the law passed in 2015 that took effect in January 2017. The Merit-Based Incentive Payment System (MIPS) is part of MACRA. On August 14, 2016, CMS released the final version of its Physician Quality Payment Program under MACRA and stated that it added flexibility such as its 90-day reporting program to overhaul how physicians are paid under Medicare while setting aside money to support small practices. MACRA is the next generation of sweeping reform in healthcare legislation. This new rule will drive a mass transition to value-based reimbursement, whereby doctors and other providers will get paid based on the quality of their work and the steps that they have taken to improve their practices.