Updated Medicare Conversion Factor
The Centers for Medicare & Medicaid Services (CMS) has updated its website to reflect the new Medicare Physician Payment Schedule conversion factor. This is a result of the Consolidated Appropriation Act, 2024, which, starting March 9, included an additional 1.68 percent update to the 2024 conversion factor that offset a portion of the 3.37 percent cut that went into effect on January 1, 2024. The 2024 conversion factor for dates of service from January 1 through March 8, 2024, was $32.74. CMS has now established the new conversion factor of $33.2875 for dates of service from March 9 through December 31. CMS also releases updated payment files, including the MPFS and associated abstract files, the Ambulatory Surgical Center (ASC) FS, and the Anesthesia file.
MSSNY will continue to work with the AMA and the federation of medicine for an overhaul of the Medicare fee schedule methodology so that patients do not continue to lose access to their physicians as a result of ongoing cuts to Medicare payment.
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