Cost Analytics Service essential for planning for your practice
By IPN
As a major part of your reimbursement, the Cost category counts for 30% of your total performance score in your MIPS submission, and CMS does not score you on your Cost data until after the submission period is over. Their feedback is not released until the following year, often during the summer months.
You also only receive feedback on the performance measures you have met with case minimums, on your claims data. As an example, if you needed 10 patients to be scored on a performance measure as a case minimum but only had nine patients qualify you would not receive any feedback on that data. The new Cost Analytics Service, being offered by the MIPS Consulting team, will provide feedback on all those possible measures, providing insight into measures you may be scored on in the future.
Data from CMS will be provided to the MIPS Consulting team as soon as it is available from CMS for integration into the Cost Analytics Tool. A request will be made to CMS quarterly. The internal team will calculate and benchmark the data so you can set up an account to begin receiving measure feedback.
Utilizing the tool, the team can also drill down into the data, not just show you the score and number of patients. Data can be viewed at the clinician level, measure level, or even at episode level to see the costs and services for that specific episode of care when applicable. It can show you the high cost as well as the low-cost services that have factored into your score to assist you in making an action plan for future years. Through careful analysis, the team can help to identify practice changes, evaluate your referral network, or even your HCC coding. With our support, you have the potential to increase revenue and reduce costs associated with patient care.
These insights can help you strategically support your patients and align your resources to reduce those high-cost services – which in turn will be beneficial to your practice.
To learn more about the Cost Analytics Service and how it could help your practice with our consulting team, contact us at info@intrinsiq.com.
