Medicare Reimbursement on Track to Decrease in 2024

IMPORTANT: These fees ONLY apply to services rendered between January 1, 2024 and March 8, 2024. For services rendered on or after March 9, 2024, click here.

The Centers for Medicare & Medicaid Services (CMS) published the calendar year (CY) 2024 Medicare Physician Fee Schedule (MPFS). Many clinicians will realize a 3.37% cut in reimbursement fees for 2024.  In addition, the 2% sequestration fee cut is still in place.  The sequestration cuts were made many years ago to preserve budget neutrality.  The Medicare Part B deductible is $240.

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The American Medical Association and the American Chiropractic Association have filed complaints with CMS, saying that inflation, rising overhead costs, and COVID-19 fallout have created a burden for physicians. 

Historically, Congress has intervened toward the end of the calendar year, and CMS releases the new fee schedules the beginning of the new year. This year, Congress went home until January 9 and will not be able to take action until that time. This means that even if they take action to stop the fee cuts, they may or may not make the changes retroactive to the beginning of 2024.

Due to the current uncertainty, we are recommending the following:

Participating Providers:  If you are a participating provider for Medicare, we strongly encourage you to continue to bill Medicare at your normal fees.  Your bills will be processed based on the appropriate fee schedule once it is released.

Non-Participating Providers: If you are NOT a participating provider for Medicare, we recommend that you either 1) wait to submit your bills until we know if Congress will intervene or 2) Process your claims for services after January 1, 2024, using the currently published 2024 rates (see below) and inform your patients, that if Congress takes action, changes may result in additional amounts owed or result in refunds.

IMPORTANT: These fees ONLY apply to services rendered between January 1, 2024 and March 8, 2024. For services rendered on or after March 9, 2024, click here.