What Merit-Based Medicare Payments Mean For You
Ash Toumayants, president of Strong Tower Associates, a Central PA- based financial planning firm, spoke with U.S. News & World Report personal finance reporter, Maryalene LaPonsie, about merit-based Medicare payments. The shift away from fee-for-service should be a positive change to Medicare planning, but Toumayants explained why some critics view this new payment model as putting a strain on doctors.
“Starting in 2017, physicians will need to track patient data and outcomes and record how they’ve used technology in their practice. Data needs to be submitted by March 31, 2018. Physicians who achieve positive outcomes will receive a 5 percent bonus in 2019. Those who don’t record and submit data on patient outcomes will get charged a 4 percent penalty. While some see the new payment model as a positive move away from the fee-for-service system, critics argue it could result in more work for doctors. “This is a lot of work for 5 percent,” says Ash Toumayants, founder of financial planning firm Strong Tower Associates in Pennsylvania.”
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