What does MACRA stand for?

MACRA stands for the Medicare Access and CHIP Reauthorization Act. This legislation, enacted in 2015, significantly reformed the payment system for healthcare providers who serve Medicare patients. One of its key features includes the repeal of the Sustainable Growth Rate (SGR) formula, which was designed to control spending by Medicare on physician services. MACRA shifted the focus toward value-based care, introducing new payment models that reward healthcare providers for quality and efficiency rather than the volume of services provided. Additionally, it expanded the Children's Health Insurance Program (CHIP) and provided funding for its continuation. This landmark legislation aimed to improve health care quality and access while promoting the integration of various healthcare services.