CMS 2023 Physician Fee Schedule Proposed Rule
On July 7th, CMS released the 2023 Physician Fee Schedule proposed rule, which includes costly cuts to Provider Medicare reimbursements.
The proposed rule contains a decrease of $1.53 to the calendar year (CY) 2022 National conversion factor of $34.61, resulting in a conversion factor of $33.08 for CY 2023. The CT conversion factor is usually slightly more than the national rate, but would still see a reduction based on the proposal. CMS states that the change reflects the expiration of the 3% increase in Physician Fee Schedule payments for CY 2022, this was extended in the final rule last year, as well as a 0% conversion factor update and a budget-neutrality adjustment. The 3% bump was put in place by Congress to help providers offset the expenses of the COVID-19 pandemic.
Also scheduled to go into effect January 1, 2023 is the additional 4% in cuts under the Congress’ Pay-As-You-Go (PAYGO) law, which applies cuts to counterbalance an increase in federal spending.
Comments on the proposed rule are due September 6.
Resources:
Federal Register 2023 PFS Proposed Rule
CMS Fact Sheet for 2023 PFS Proposed Rule