Latest Medicare Physician Fee Schedule Rule Cuts Down Payment Rates – A concerning fact for Medical Billers and Coders
For years, COVID-19 public health emergency has profoundly affected many socio-economic aspects globally. Healthcare organizations and several practices rendering medical services during PHE were no exceptions.
PHE ending, CMS finalizes Medicare Physician Payment Policies for CY 2023.
In this article, we briefly touch upon the implications of this update. Post-PHE changes impact Part B service payment rates.
Reduction in the conversion factor:
Part B service rates are cut by lowering the Conversion Factor value.
The conversion factor multiplies RVUs for Medicare reimbursement.
2023 Medicare fee schedule cuts Conversion Factor by 4.5% from Jan 1.
The $33.06 figure is slightly lower than the $33.08 conversion factor. Includes 0% update factor per MACRA and ends 3% increase from 2022.
How does this concern you?
The outbreak led to financial strain and resource exhaustion.
Post-PHE, affected organizations hope for better days. However, Factor cuts hinder financially strained practices from recovery.
CMS updates impact E/Ms, behavioral health, HHAs, telehealth, and other services. With this proposed rule, medical groups won’t be faring well with this new update any time soon.
What to expect?
The loss in revenue expected with this change is coming with a plausible concern. Industry seeks congressional action against proposed Medicare cuts.
Experts worry Medicare cuts may reduce care access across specialties.
Lower-cost healthcare access benefits Medicare and patients. However, some practices that were already hit hard by PHE might struggle to keep their doors open. Also, consider the flexibilities and waivers during PHE for beneficiaries.
AltuMED is a Healthcare Revenue Cycle Management technology and solutions company. Our technologically advanced Practice Management Software, PracticeFit optimizes the Medical Billing workflows for Medical Practices, Labs and Third-Party Medical Billing Companies helping them collect maximum revenue. Find out more.
Subscribe to Our Newsletter!
Subscribe to Our Newsletter!
Enter Your Email Address. We Promise We Won't Spam You
Relevant Articles
Categories
Informational
Educational
Medical Billing Software
Follow Us