Medicare to Partially Offset Previous Cuts

The Centers for Medicare & Medicaid Services (CMS) has recently posted significant updates on its website concerning the Medicare Physician Payment Schedule conversion factor. These revisions stem from the enactment of the Consolidated Appropriations Act of 2024. Effective March 9, this Act introduced a crucial adjustment, increasing the 2024 conversion factor by 1.68 percent. This adjustment serves to counterbalance a preceding 3.37 percent reduction that took effect on January 1, 2024. The conversion factor for services rendered between January 1 and March 8, 2024, stood at $32.74. CMS has now instituted a new conversion factor of $33.29 for services provided from March 9 through December 31.

While IPSIS acknowledges the actions taken by Congress and extends gratitude for their efforts, we express disappointment that lawmakers have not entirely eliminated the cut to physician payment. Additionally, we note with concern that essential long-term reforms to physician payment remain unaddressed.

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