Since the beginning of modern medicine, physicians have been paid mostly for the volume of services they provide. In less than 3 months, volume will make way for value — value-based care will overtake our existing fee-for-service approach to reimbursing Medicare providers.
The Medicare Access and CHIP Reauthorization Act (MACRA) or the “Quality Payment Program,” is set to start on January 1 2017. The program is considered the key driver of transition – primarily because 40% of the estimated $3 trillion spent on care comes from the Center for Medicare and Medicaid Services (CMS). So as CMS goes, so goes the healthcare industry.
Even though we’re still learning more about MACRA and what it will look like for independent physicians, many small practices already feel overwhelmed with the prospect of more reporting requirements and seemingly inescapable penalties.
But therein lies the rub — independent practices might stand to benefit the most in value-based arrangements.Recent evidence suggests solo and small practices can provide higher-quality care and better care experiences at lower prices.
That still doesn’t change the fact that MACRA can add to the burden of keeping up with reporting requirements, a burden that all too often limits a provider’s time with their patients. CMS knows this. That’s why they recently announced their plan to streamline reporting and allow providers to choose tracks that give them flexibility when it comes to transitioning to this new model.
As we move closer toward Jan 1, Elation is committed to doing everything we can to equip you with the resources that support the commitment you’ve made to your patients.MACRA is more than just another complicated reimbursement rubric. Practices will need to transform their care delivery models and their use of technology, and we’re here to help physicians and staff stay informed about their options and prepare for this disruptive change.
Here’s a sample of Elation’s plans for a MACRA resource series:
• Live webinars to walk you through the changes and give you a chance to receive answers to your questions
• Video content so that you can learn more about MACRA on your own time
• Email newsletters with policy updates as soon as they happen
• Articles with detailed explanations on specific topics relating to MACRA
• Access to health policy specialists to answer any of your questions over the phone
As we head into the final stretch of preparing for MACRA, we’re looking forward to helping providers across the country stay up-to-date with the latest policy requirements and take back their freedom to focus on caring for their patients.