MIPS and Physical Therapy Fee Schedules in 2024

The Truth About MIPS and Physical Therapy Fee Schedules in 2024: What the Industry Billing “Experts” Aren’t Telling You

Addressing the 2024 MIPS Misconceptions

Recently, there’s been a palpable sense of confusion and misunderstanding surrounding the MIPS bonus in 2024. The silence from industry leaders in outpatient rehab is both deafening and concerning, especially when considering the significant financial implications for Physical Therapists. This article aims to address these misconceptions, emphasizing the critical nature of an up to 8.25% Medicare MIPS bonus in 2024. It’s essential to note that while some enjoy this bonus, others face a stark contrast: a 3.3% decrease in Medicare payments if they either don’t successfully report MIPS or lack the right software to achieve commendable scores. We will be presenting the facts of the MIPS bonus in 2024 and the proposed 2024 fee schedule as provided by CMS. At the end of there will be links to the appropriate CMS documentation.

The MIPS Landscape and the Industry’s Initial Response

In the vast landscape of healthcare, innovation often becomes the dividing line between those who flourish and those who flounder. The Merit-based Incentive Payment System (MIPS) is no exception. Designed to reward healthcare providers for offering superior patient outcomes and enhanced care efficiency, MIPS is effectively a boon for diligent professionals. The core purpose of MIPS was clear-cut: to incentivize providers to elevate the quality of care they dispensed.

As MIPS was rolled out, many in the PT software industry initially heralded its introduction and the automation possibilities it brought along. But as the intricacies of automating MIPS surfaced, stemming from inadequate integration and workflow structure, many of these same voices grew skeptical. They painted MIPS as labor-intensive and not worth the assumed minimal rewards. They hid their inability to innovate behind a veil of silence or skepticism regarding the system’s benefits, ultimately robbing countless physical therapists of the significant advantages MIPS presented.

The Exorbitant Cost of Participation

S4PT has always provided MIPS reporting at NO EXTRA COST. Even those PT software entities that did acknowledge MIPS’s potential saddled their clients with astronomical fees, making MIPS participation a costly venture. In contrast, at S4PT, we saw an opportunity. Recognizing the changing landscape and the emphasis payors were placing on proof of value, we embarked on a mission: to revolutionize the MIPS reporting process, making it both affordable and efficient.

The S4PT Advantage

Our unique position, backed by extensive experience in automating PT documentation and an integrated software design centered on compliance, gave us an edge. We’ve invested millions and spent countless hours on programming and collaborated closely with a Quality Clinical Data Registry (QCDR) to devise a reporting method that was both distinctive and highly effective. This endeavor wasn’t just a venture for us – it was a mission to prove to payors that our therapists were top-tier, maximizing patient outcomes efficiently.

We didn’t just stop at the initial setup. Over the years, we’ve consistently adapted and expanded our measures and questionnaires, aligning with the evolving requirements of MIPS. And now, our clients are reaping the rewards. They’re not only benefiting from increased reimbursements but are also leveraging the detailed insights gleaned from patient feedback to further enhance care quality.

I have been a client of Systems4PT for 5 years. During this time, I have found that they have done a great job with keeping us compliant with Medicare AND they have made the process easy for MIPS documentation. With the structure that Systems4PT has in place, my clinic has scored over 97.5% each year which has enabled us to earn a bonus vs a penalty. I am thankful to have an EMR company as a partner to do the heavy lifting to figure out how to remain compliant and maximize payments.

Samantha Strickland, PT – Ultimate PT/Strickland PT

Looking to the Future

We’ve always believed in the immense value physical therapists bring to healthcare. Through our endeavors, we’ve strived to showcase the importance and efficacy of PT treatments, ensuring that therapists not only gain the financial rewards they rightly deserve but also the recognition and respect of the broader healthcare community. With the ongoing MIPS rewards, PTs can further amplify their reach and influence by sharing their success scores, reinforcing their commitment to excellence.

For us at S4PT, it’s always been about the patient. From scheduling to treatment, and even the post-care billing process, our focus remains unwavering: to ensure PTs have the most efficient and cost effective EMR so they can provide every patient with unparalleled care while also reinforcing the value proposition of physical therapy. Through our comprehensive measures and the continuous evolution of our systems, we aim to accentuate PT’s role as a cost-effective, beneficial alternative to more invasive treatments.

S4PT has made reporting MIPS effortless for our clinic. it couldn’t have been any easier

Matt, PT Performance PT

Real Results

Check out this sample from the CMS QPP page, used with permission from one of our many customers that scored a perfect 100 score! The 2024 bonus is based on 2022 performance.

If you use your preferred search engine and look for “MIPS 2024 8.25%” you will see multiple articles throughout the healthcare industry referencing the 8.25% MIPS bonus.

MIPS 8.25% Return

I am excited to learn about our MIPS performance score and looking forward to receiving our bonus for 2024!

Lisa Baumgart, MPT – Owner, Greylock PT

Don’t Get Left Behind Any Longer

Don’t let the myths and misconceptions around MIPS put your practice at a disadvantage. Now is the time to harness the power of innovation and step into a future where PTs are recognized and rewarded for the value they bring to healthcare. Join the S4PT community, and together, let’s revolutionize patient outcomes and redefine excellence in physical therapy. Your journey to better rewards, recognition, and results starts here.

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