Medicare Physician Fee Schedule Update Announced
Medicare Physician Fee Schedule (PFS) underwent significant alterations recently, which mirror the changes implemented by Centers for Medicare and Medicaid Services (CMS). For services rendered from January through March 8, the conversion rate stood at $32.74, however after March 9 through December 31 it increased by 1.68 percent up to $33.29 due to Consolidated Appropriations Act 2024 that passed and signed into law recently on March 9, which are responsible for this alteration in payment rates.
Key Changes from the Consolidated Appropriations Act, 2024
The Consolidated Appropriations Bill of 2024 made significant reforms to health policies in many ways, including some fixes to Medicare cuts originally designed for 2024’s PFS system. As part of these fixes, no reprocess claims is needed because this provision effectively provides 1.25% fix throughout the year; CMS has updated their payment file and instructions in light of these legislative modifications.
Future Advocacy for Medicare Payment Reform
As years progress, The College (presumably representing an interest group or medical institution) will strive for sustainable long-term changes to Medicare payments. Their primary target right now is H.R 2474 which seeks to change Medicare PFS conversion rate so as to reflect the percentage estimated from it as MEI index adjustments incorporated for the financial security of medical practices.
The Importance of MEI-Based Updates
American College of Cardiology (ACC) recognizes MEI-baselined annual updates as a significant enhancement. They serve to reduce financial instability risk for medical practices while at the same time increasing quality care across America – something of particular benefit to older patients living in underserved or rural areas. Furthermore, the ACC encourages its members to be active participants within our legislative system by lobbying Congressional representatives on H.R. 2474’s behalf.
Call to Action
Now is an optimal opportunity for American College of Cardiology members and supporters of H.R. 2474 healthcare providers can get behind this important legislative change that would ensure its improved stability, efficiency, adaptability to changing economic environments, and increased access to care for the most in need.
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