MIPS, or the Merit-based Incentive Payment System, is part of the Quality Payment Program (QPP) introduced by CMS to improve the quality and value of healthcare. It evaluates eligible clinicians based on their performance in four key categories: Quality, Promoting Interoperability (PI), Improvement Activities (IA), and Cost. The final MIPS score directly impacts Medicare reimbursement rates—high scores can lead to significant financial incentives and an enhanced professional reputation, while poor reporting or non-compliance may result in steep penalties and reduced payments.