It is time to submit those nasty PQRS reports so that you get your 1% Medicare bonus next year. OK so 1% of $50,000 Medicare allowable receipts is only $500, but if you have a nurse or technician you can pay to complete the reports for $250 isn’t it worth it?
What about Medicare Advantage plans? In some cases, they will honor the same incentive/premium payments that Medicare offers.
If you don’t know what PQRS is, ask your Accountant, they WONT know, ask your coder, they WONT know. Ask your practice manager and if they don’t know, give a consultant a call because they WILL know how to get you the money.
We work the Medicare PQRS process for clients to make it painless. If you don’t get paid, we don’t get paid.
One group we work with has an opportunity to form an ACO. In their case, their combined business revenues are less than the $50 million. By our calculations, they stand to receive approximately $900K the first year in guaranteed payments regardless if they are able to demonstrate savings to Medicare.
What is involved? There are many hoops to jump through, but as we see it, these hoops are largely administrative paperwork and the case management and cost reductions can be managed by the physician owners rather than an outside insurance agency. The timeline is short so you might want to consider filing a letter of intent, just to hold open the possibility.
Take a look at the regs and consider if your group practice can participate in this once in a lifetime opportunity to garner part of the savings that they generate.