The PIP Quality Improvement (QI) Incentive commenced on 1 August 2019.
It’s a payment to general practices that participate in quality improvement activities to improve patient outcomes and deliver best practice care.
To be eligible to receive a PIP Quality Improvement (QI) payment general practices must:
be eligible for the PIP
must have registered for the PIP QI Incentive
electronically submit the PIP Eligible Data Set to their local Primary Health Network (PHN) quarterly
undertake continuous quality improvement activities in partnership with their local PHN.
The first quarterly payment (covering 1 August to 31 October 2019) will be made during November 2019 so what might that mean for your practice?
Like other PIP payments, the QI payment will generally be made to the service entity. PIP Payments do not attract goods and services tax (GST) and will therefore not impact the practice’s quarterly Business Activity Statement liability.
Practices can typically spend their incentives payment as they see to be suitable for the benefit of the practice, its patients and employees. The usual taxation rules apply and income tax will be payable on incentive income received, depending on the structure this may be at the entity level (if a company) or at the beneficiary level (if a trust).
Like other PIP payments, the incentives that the practice receives is based on information provided so the collection of data is key. Why not take this opportunity to review your systems and processes to ensure data quality is first-rate?
It is imperative to ensure that your clinical and billing software is up to date and the information the practice is submitting is of the highest quality. By improving the quality of data being maintained and submitted the greater the likelihood of the practice receiving maximised incentives.
Get in touch with our office for further information and assistance if you believe your practice may need some assistance in this area (02) 4928 8500 or email@example.com.