March 22, 2024

CMS Updates Medicare Physician Payment Schedule Conversion Factor

The Centers for Medicare and Medicaid Services has updated its website to reflect the new Medicare Physician Payment Schedule conversion factor, adjusted to reflect the provision in the 2024 appropriations package passed by Congress earlier this month that, starting March 9, mitigates about one-half of the 3.4% cut in the Medicare fee schedule conversion factor that went into effect on Jan. 1. The 2024 conversion factor for dates of service Jan. 1 through March 8, 2024, was $32.74. The new conversion factor, for dates of service March 9 through Dec. 31, is $33.2875. CMS says it is also releasing updated payment files, including the physician fee schedule and associated abstract files, including the Ambulatory Surgical Center fee schedule and Anesthesia file. Learn more on the CMS Physician Fee Schedule webpages.