The 2024 updates to the Merit-based Incentive Payment System (MIPS) significantly impact healthcare professionals, influencing both management practices and compensation for Medicare Part B services. With eligibility criteria encompassing everything from patient volumes to service thresholds, MIPS has set a complex standard that demands precise compliance and operational efficiency.
While many Core administrative systems have released enhancements that allow users to set specific MIPS adjustment percentages, SymKey automation goes further and allows users to define and apply specific adjustment percentages to claims payments. Directly addressing the unique needs of both contracted and non-contracted providers under MIPS.
SymKey Automation Approach
- Apply MIPS adjustments for a specified date or year span
- Apply MIPS adjustment for claims under a specified HealthPlan
- Match Provider and Vendor on claim to that listed on MIPS Adjustment Setup screen
- Reprocess Claims that were released without MIPS adjustment
- Apply MIPS Remittance Adjustment Code
- Add Notes to the claims processed with MIPS adjustment
SymKey Automation Statistics
The statistics below reflect the volume of records touched and processed by SymKey within the first 30 days of production.
- MIPS Reprocessed Claims to Status 1 – 4,968 records
- Adjust and Apply MIPS adjustment – 10,724 records
Ready to simplify your MIPS adjustment process? Contact us today to learn more about how SymKey can streamline your processes, improve compliance, and reduce costs.