2024 MEDICARE REIMBURSEMENT RATES
CMS published the calendar year 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 Medicare Part B deductible is $240. The AMA and ACA 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 at the beginning of the calendar year to lessen the looming cuts. Congress is convened until January 9, 2024, and has not addressed this problem before going into recess. We don’t know if they will address this, but even if they do the results may not come until late January or early February. Due to the current uncertainty, we are recommending the following: Participating Providers: If you are a participating provider for Medicare, we 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: You CANNOT opt out of Medicare. If you are NOT a participating provider for Medicare, we recommend that you either wait to submit your bills until we know if Congress will intervene, or submit your claims for services after January 1, 2024, using the currently published 2024 rates and inform your patients that additional amounts may be owed or require refunding.
