2015 Program Year Update: PQRS and Physician Value-based Modifier (VM)

The Centers for Medicare and Medicaid Services (CMS) Physician Quality Reporting System (PQRS) is a reporting program that currently uses both incentive payments (bonus) and payment adjustments (penalty) to encourage physicians to submit quality information to CMS. The incentives and adjustments are based on payments for covered Physician Fee Schedule services furnished to Medicare Part B Fee-for-Service beneficiaries.

Calendar year 2014 was the last year for a PQRS incentive. In 2015 and beyond, there is potential to obtain an incentive under the Physician Value Based Payment Modifier (VM) program.