Final answer:
The acronym for the quality reporting system is PQRS (Physician Quality Reporting System), which provided incentive payments for physicians reporting on quality measures for services to Medicare beneficiaries as part of the move towards value-based healthcare.
Step-by-step explanation:
The acronym for the quality reporting system that provided an incentive payment for "eligible professionals" (EPs) who satisfactorily reported data on quality measures for covered services furnished to Medicare beneficiaries is the Physician Quality Reporting System (PQRS). The PQRS was a program under Medicare that aimed to assess the quality of care that patients receive and to encourage clinicians to focus on providing services that are meaningful, efficient, and necessary for the patient's well-being. The system utilized a combination of incentive payments and adjustments to achieve this goal. Under the fee-for-service system, physicians would report on various quality metrics related to the care provided to Medicare patients. Satisfactory reporting would result in PQRS incentive payments. A failure to meet reporting requirements, on the other hand, could result in payment adjustments or penalties.
The PQRS played a critical role in the larger shift from volume-based care toward value-based payment models in the healthcare industry. This initiated an emphasis on the quality rather than the quantity of healthcare services provided, a concept that is at the heart of other legislative measures such as the Patient Protection and Affordable Care Act (ACA or Obamacare).