The CY 2024 Medicare Physician Fee Schedule (PFS) final rule released on November 3 finalizes a 2024 conversion factor — the starting point for calculating physician payments — of $32.74, a decrease of $1.15 (or 3.37%) from the CY2023 conversion factor of $33.89. Roughly 90 percent of the cut is attributed to fee schedule budget neutrality requirements triggered by the impending January 1, 2024, implementation of G2211, an office/outpatient evaluation and management visit complexity add-on code.
ACOI Asking CMS and Congress for Payment Cut Relief
The ACOI has submitted comments to the Centers for Medicare and Medicaid Services (CMS) in response to its proposed payment policies for 2024. In the letter, ACOI re-stated its concerns about Medicare payments that are not keeping pace with inflation. Next year the Medicare conversion factor — the basic starting point for calculating Medicare physician payments — will be reduced by more than 3 percent. While Congress has provided a 1.25 percent positive adjustment for 2024, it is half of the 2.5 percent provided for 2023. The remainder of the cut is due to requirements of budget neutrality triggered by the proposed implementation of office/outpatient evaluation and management visit complexity add-on code G2211 that begins on January 1, 2024.
ACOI Joins in Call for Congress to Reform Medicare Payment System
ACOI recently joined numerous medical societies in sending a letter to all Senate and House lawmakers asking for congressional hearings and collaboration with stakeholders to explore long-term solutions to the broken Medicare physician payment system.
Congressional Action on Physician Payment Cut Falls Short
The Senate has passed an end-of-year spending deal that falls well short of providing physicians full relief from a 4.5 percent Medicare physician fee schedule cut.
ACOI Sends Letters to the Hill in Support of the PASTEUR Act
Antimicrobial resistance is a global crisis. Without action by Congress to incentivize the development of new antibiotics, the pipeline will fail & people will die from once treatable infections. Congress must pass the PASTEUR Act this year.
PFS Final Rule Has Physicians Bracing for Payment Cuts
On November 1, the Centers for Medicare and Medicaid Services (CMS), issued the CY2023 Medicare Physician Fee Schedule (PFS) final rule. As expected, physicians will receive a 4.6 percent cut to the conversion factor — the basic starting point for calculating physician payments — unless Congress intervenes. The cut is a product of the expiration of the 3 percent supplemental increase to PFS payments for CY 2022 provided by Congress and budget neutrality adjustments triggered by coding changes for evaluation and management visits.
The ACOI joined with other osteopathic organizations to call on congressional leaders to support approval of the “Workplace Violence Prevention for Health Care and Social Service Workers Act.”
