The Merit-Based Incentive Payment System (MIPS), initiated by the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA), consolidates parts of the Physician Quality Reporting System (PQRS), the Value-Based Payment Modifier and the Medicare Electronic Health Record (EHR) Incentive Program into a single program for eligible professionals. These proposed changes do not apply to hospitals or critical access hospitals. MIPS consists of four components:
- Quality reporting
- Resource use
- Clinical practice improvement
- Meaningful use of certified EHR technology
You can read more about it here.