CMS is floating a 3.34 percent conversion factor decrease in its proposed Medicare physician fee schedule for 2024 released July 13.
Here are four more things to know:
1. The proposed physician fee schedule conversion factor for 2024 is $32.75, down 3.34 percent from $33.89 in 2023.
2. CMS is proposing to implement a separate add-on payment for healthcare common procedure coding system code G2211. The add-on code will better recognize the resource costs associated with evaluation and management visits for primary care and longitudinal care of complex patients, according to the report.
3. CMS also proposed a 3 percent inflation update factor for both ASCs and hospital outpatient departments next year, and applied a 0.2 percentage point productivity reduction, as required by the ACA to arrive at the 2.8 percent pay increase.
4. CMS is accepting comments on the proposal through Sept. 11.