Physician Groups Decry Finalized Medicare Payment Cuts for 2024 as Expenses Rise

The Biden administration Thursday finalized policy changes for Medicare reimbursements in 2024 that will cut payments to physicians by 1.25% compared to 2023. The 2024 Medicare Physician Fee Schedule rule includes a 3.34% decrease to the fee schedule’s conversion factor, which is used to calculate Medicare payouts to docs. CMS set the conversion factor at $32.74, a decrease of $1.15, or 3.4%, from 2023. The Centers for Medicare and Medicaid Services also is finalizing increases in payment for visits for many services, such as primary care and longitudinal care. These increases require cuts elsewhere to achieve budget neutrality, CMS said.

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Source: https://www.fiercehealthcare.com/providers/physician-groups-decry-finalized-medicare-payment-cuts-2024-expenses-rise

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