What does the QPS code mean?

The QPS code, or Quality Payment System code, refers to a framework established under the Medicare Access and CHIP Reauthorization Act (MACRA) designed to incentivize healthcare providers in the United States to deliver high-quality care. It encompasses two main tracks: the Merit-based Incentive Payment System (MIPS) and Advanced Alternative Payment Models (APMs). Providers can earn payment adjustments based on their performance in areas like quality, cost, and improvement activities. The goal is to enhance patient outcomes while controlling healthcare costs.