2024 QPP APM Incentive Payments Now Available
CMS recently alerted the public to the availability of 2024 incentive payments for eligible Qualifying Participants (QP) in Advanced Alternative Payment Models (APMs) under the Quality Payment Program (QPP) based on eligibility in 2022.
With this announcement, CMS also released resources, available for download, which provide details about the 5% APM incentive payment payable in 2024 and CMS’ process for identifying QPs and calculating incentive payments.
Importantly, CMS also provides a list of QPs with unverified banking information and instructions for how these clinicians can submit their billing information to CMS if they have not yet received a payment. Clinicians eligible for the incentive do not need to take any action to receive their payment unless CMS is unable to verify their Medicare billing information.
However, clinicians with unverified banking information must verify their Medicare billing information by September 1, 2024. After that date, any claim to an APM incentive payment for the 2024 payment period based on an eligible clinician’s QP status for the 2022 QP performance period will be forfeited.