Final answer:
The initiative that allows eligible professionals to earn a financial incentive for participating in a voluntary quality reporting program is the Merit-based Incentive Payment System (MIPS). MIPS is a key component of the Medicare Access and CHIP Reauthorization Act (MACRA) in the United States.
Step-by-step explanation:
The initiative that allows eligible professionals to earn a financial incentive for participating in a voluntary quality reporting program is the Merit-based Incentive Payment System (MIPS). MIPS is a key component of the Medicare Access and CHIP Reauthorization Act (MACRA) in the United States. Under MIPS, eligible professionals, such as physicians and other healthcare providers, can earn a bonus payment or avoid a penalty based on their performance in areas like quality of care, resource use, clinical practice improvement activities, and meaningful use of electronic health records.
For example, if a physician meets certain performance thresholds in all MIPS categories, they may receive a positive payment adjustment, which is essentially a financial incentive. Conversely, if they do not meet the required performance thresholds, they may receive a negative payment adjustment, resulting in a penalty.
MIPS aims to promote higher-quality, cost-effective care and improve patient outcomes by incentivizing eligible professionals to actively participate in quality reporting and performance improvement activities.