Tool Helps Practices Calculate Financial Impact of Incentives and Penalties
Participation in the various Medicare incentive programs requires providers to take extra steps to submit data and comply with other requirements. Some providers have elected not to participate believing programs require too much time with little financial benefit. However, the cumulative effect of payment penalties could have a significant impact on your practice by 2018.
VHQC has created a calculator to help you determine how participation in PQRS, Meaningful Use and value modifier will impact your practice. If you are not participating in these programs, the implications for your bottom line may surprise you.
“I encourage providers to use this tool so they fully understand the benefits of participating in these programs. If you have struggled with program requirements in the past, please consider signing up for VHQC’s physician initiatives,” said Peggy Oehlmann, VHQC Improvement Consultant for Maryland.
To use the payment adjustment calculator:
1. Access the file using this link and save the document to your computer.
2. Select the size of your practice group.
3. Enter the estimated Medicare Part B Physician Fee Schedule per year
4. Indicate the programs in which your practice participates by clicking the check boxes.
5. See the impact to your practice.