Running a consumer-facing business in today's world can be difficult. In addition to overseeing day-to-day operations, keeping up with technology, and staying compliant with applicable regulations, business owners must have a handle on reputation management.
Lesson 1 in any reputation handbook should note that word of mouth is practically a thing of the past. Today, everything is done online.
With the rise of websites like Angie's List, Yelp and other service-review pages, online consumer reviews (fair or not) can have a significant impact on any business's reputation, and more importantly, their bottom line.
And as some health-care providers can attest, these reviews are not limited to restaurants, babysitters and cleaning ladies. Now, with CMS's decision to publish publicly-available, downloadable MIPS scores, providers must contend with yet another online review.
This one, however, carries a lot more weight, and it adds a layer of concern for providers since CMS's Physician Compare Initiative results can be posted directly onto today's popular service-review sites.
The potential for reputational damage, therefore, is huge. Monetary damages could be even more substantial. In addition to the potential loss of clients and revenue based on CMS's ratings, some providers could be affected in other ways. For example, smaller practices that rely on specialized loans to finance their operations may be in jeopardy of having funding rescinded should they not reach a minimum MIPS score, effectively forcing them to shut down.
The scariest part? Some providers – particularly those slow in adopting an EMR – simply don't understand the repercussions of a poor MIPS score in today's digital age. Despite CMS efforts to inform providers about the new reporting structure and features like the ability to dispute scores ahead of publication, many have made little effort to get up to speed.
With so much potential for reputational damage, providers should not only care about MIPS, but they should also be aware that solutions are available to them.
Partnering with HealthEC is a key first step toward getting on track with MIPS reporting. HealthEC offers consulting services, data-aggregation expertise, and quick program recommendations that are sure to get providers on track for MIPS reporting.
And once they're on track, providers are more likely to understand the importance of MIPS reporting as well as reputation management.