ATLANTA, Nov. 14, 2016 /PRNewswire/ -- iHealth Innovations, LLC (iHealth), an innovation-enabled revenue performance and advisory company for physician practices and medical groups, announced today the availability of their Wellness and Revenue Assistance Program (WRAP™) services. The services are designed for providers implementing quality payment programs under the MACRA final rule, released in October 2016 with bipartisan support. The 100% at-risk service package helps providers shore up revenue while evolving their current practices, workflows and EHR systems for participation in MACRA's quality payment program (QPP) and value-based reimbursement.
"Our WRAP program guides and advises physician practices and medical groups as they navigate MACRA's new quality payment program which includes MIPS, Advanced APMs and other state-based incentive options," said Justin Barnes, Partner and Chief Growth Officer at iHealth. "For practices with the right strategic guidance and resources in place, QPP incentives could represent significant earnings as well as penalty-avoidance between now and 2020."
More technology is not the answer. In many cases, better use of existing systems yields the most cost-effective financial benefits. With WRAP, iHealth advisors work directly with practices to help them fully understand their MACRA options, begin QPP reporting and refocus their revenue cycles accordingly—including assistance with fine-tuning EHR workflow and coding practices. According to Barnes, the WRAP service offering is a 100% at-risk partnership. It guarantees a 5 to 15% or more revenue improvement and no MIPS payment penalties through 2019 for most engagements.
For providers looking to immediately begin moving toward QPP, Mr. Barnes suggests the following five steps:
Audit, Assess and Correct Existing Revenue Cycle Gaps—Audit current processes, procedures and technology. Identify areas of poor performance and implement improvements with focus on optimizing medical coding, denial management and payer contract analysis.
Research Incentives—Assess all available incentive opportunities under MACRA, including state-based programs.
Get the Right Expertise in Place—Look for consulting partnerships or in-house quality reporting program directors to lead the charge.
Optimize EHRs to Match Your Reimbursement Strategy—Technology only gets you about 25% of the way to MACRA compliance; execution of these initiatives makes the real difference.
Embrace Consumerism in Healthcare—Between 5 to 15% of provider payments will be tied to patient satisfaction surveys under quality reporting programs. Pay attention to the public nature of MIPS scores as published under MACRA.
About iHealth Innovations: iHealth Innovations helps providers navigate value-based care and thrive under new payment models. Its Revenue Cycle Performance solution includes comprehensive revenue cycle services via a robust, innovative technology suite and high touch professional services. iHealth's new W.R.A.P (Wellness Revenue Assistance Program™) service offers provider education, EHR workflow optimization and a regulatory focused approach to monitoring program performance metrics including MACRA.