CMS (Centers for Medicare and Medicaid Services) published a final rule to support innovation and technology for Medicare beneficiaries. This rule comes under Medicare Coverage of Innovative Technology (MCIT).
The result is expected high pace in the healthcare innovation and easy access of technology to seniors. Undoubtedly, it will be a step to involve technology for value-based care services and to reduce the administrative load. Indeed, it promotes the agenda of QPP MIPS.
How Healthcare Industry Uses Technology Today?
As of now, technology implementation comes with a lengthy process. When FDA approves a device, it comes with a price of time consumption. So, when a medical practice adopts a technology, the majority of time is spent on getting approval from the authorities.
Result? Technology incorporation that can save the administrative load or potentially save a life during the Medicare coverage gets delayed.
How does MCIT Rule Help?
The new rule helps restrict the lag time for all stakeholders, be it for seniors and innovators. It is helpful for medical billing companies as well as for QPP MIPS reporting. Moreover, FDA will approve the innovative product on an expedited basis.
It also improves the quality of care by opening ways to revolutionary mechanisms. For instance, to conduct gene-based tests in life-threatening situations. We can say that advancements in Improvement Activities (IA) and Promoting Interoperability (PI) for QPP MIPS become easy.
The Impact on the Healthcare Industry
MCIT rule assigns approval from FDA with national Medicare coverage for four years. After the expiration date, CMS will reevaluate the patient outcomes that emerged from the adopted technology among the Medicare beneficiaries.
During this time, the innovators can develop or collect more evidence in support of the applicability of the product. Moreover, QPP MIPS eligible physicians can ensure their quality care to target MIPS incentives.
MCIT, when providing coverage, also aligns with the local coverage determination (LCD) process. It promotes easy access for seniors no matter their location.
How CMS Grants Permission?
Currently, healthcare providers have to ask each of the Medicare Administrative Contractors (MACs) for the LCD coverage. However, with the new rule, innovators do not have to seek permission from individual MACs.
The Larger Trend
The rule also specifies the standards that CMS uses to determine if Medicare covers a product or not. Moreover, we can also see the explanation for the requirements to diagnose or treat an illness. All this briefing will subject to the understanding of CMS requirements from the innovators. Consequently, clinicians can promote the quality of care, adding to their QPP MIPS reporting data.