RevCycle Intelligence November 3, 2023
CMS finalized a conversion factor of $32.74 for the CY 2024 Medicare Physician, representing a 3.4% cut versus CY 2023.
CMS has released the Medicare Physician Fee Schedule (PFS) final rule for calendar year (CY) 2024, finalizing a 1.25 percent overall reduction for physician services next year.
The federal agency landed on a CY 2024 PFS conversion factor of $32.74, a decrease of $1.15 from CY 2023. The reduction in the conversion factor represents a 3.4 percent reduction compared to this year’s conversion factor.
Trade associations representing physicians have been fighting the conversion factor cut first proposed by CMS this past July. The associations, including the American Medical Association (AMA), the American Hospital Association), and the Medicare Group Management Association...
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