2024 Medicare Physician Fee Schedule Proposed Rule Summary
Overview
On July 13, 2023, the Centers for Medicare & Medicaid Services (CMS) released the 2024 Medicare Physician Fee Schedule (MPFS) Proposed Rule. According to the proposal, the proposed rule’s relative value unit (RVU) provisions will result in an overall -1% cut in neurosurgery payments. In addition to the RVU-related cuts, CMS proposes a ~3.5% reduction in the 2024 conversion factor (CF) for all physicians. The estimated 2024 conversion factor will be $32.7476, down $1.1396 compared to 2023. These additional cuts stem from the budget neutrality adjustment related to the new G2211 office visit add-on code for complex services (recall that the implementation of this code was postponed for three years in the Consolidated Appropriations Act, 2021) and a reduction in the temporary increase to CF provided by Congress in the omnibus spending bill. Unfortunately, these cuts come as practice costs continue to rise (CMS projects the increase in the Medicare Economic Index (MEI) for 2024 will be 4.5%).
When all is said and done, overall total Medicare cuts to neurosurgical fees in 2024 will be at least 2.5%
Click here to view the full Summary of Proposed 2024 Medicare Physician Fee Schedule.
