CMS releases updated fee schedule conversion factor

March 19, 2024

The Centers for Medicare and Medicaid Services (CMS) has updated its website to reflect the new Medicare Physician Payment Schedule conversion factor. This is a result of the federal spending bill that starting March 9, 2024, included an additional 1.68% update to the conversion factor to offset a portion of the 3.37% cut that went into effect on January 1, 2024.

The 2024 conversion factor for dates of service January 1 through March 8, 2024, was $32.74. The new conversion factor for dates of service March 9 through December 31 is $33.2875.

 CMS has released updated payment files, including the Medicare Physician Fee Schedule. Noridian, California’s Medicare contractor, has indicated the new associated abstract files, the Ambulatory Surgical Center Fee Schedule and Anesthesia File are now posted. 

The California Medical Association (CMA) continues to urge Congress to immediately address Medicare’s woefully inadequate physician reimbursement rates and the growing access to care crisis it is causing. Specifically, CMA and the American Medical Association are urging Congress to enact an annual inflation update for physicians tied to the Medicare economic index, reform the fee schedule budget neutrality rules that require some services to be cut if others are increased, overhaul and reduce the administrative burdens in the clinically irrelevant quality reporting programs, and provide a greater variety of alternative payment model options for more physicians to participate in value-based care.


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