CMS announced the release of the new 2021 fee schedule that takes into account the Congressional changes from the late December omnibus budget and relief bill. Fortunately, we received a one-year reprieve from the drastic cuts previously planned.
The financial stability of any practice starts with the UCR (usual and customary) fee schedule. All too often, we neglect to review and update our fees each year. Problems arise when our expenses go up each year due to inflation and our fees stay the same.
The looming Medicare cuts have the potential to have a greater impact on ALL chiropractic physicians than may appear on the surface. If you have not seen our previous announcements, HHS is proposing massive chiropractic care cuts that may be as much as 19.54%.
The Centers for Medicare and Medicaid Services (CMS) issued a proposed rule that would make changes for Medicare payments under the Physician Fee Schedule (PFS) for 2021. When making changes, HHS is required to achieve budget neutrality which means for any increase there must be a decrease elsewhere. Therefore, under this rule, some codes received increases and others were significantly reduced.