While the majority of hospital CFOs expressed confidence in understanding the requirements of the Quality Payment Program under the Medicare Access and CHIP Reauthorization Act, 60 percent of finance executives underestimate the financial impact of the program, according to a survey released by Nuance Communications.
Of the 75 percent of hospital CFOs who were confident about QPP requirements, fewer than 40 percent correctly identified that they are at risk for a 4 percent revenue reduction in Medicare reimbursements beginning in 2019, according to the study.
A lack of financial understanding could result in steep revenue losses and also may put hospitals' reputations in jeopardy, as QPP scores will be made public.
"While the changes are daunting, it is crucial for hospitals and clinicians to take proactive steps to prepare, plan and participate. Doing so will help organizations retain what they earn in the short term, but will also set them up to avoid severe penalties in the long run," said Nuance CMO Anthony Oliva, MD.