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- CMS Updates New Conversion Factor for Physician Payments
The Centers for Medicare & Medicaid Services (CMS) has updated its website to reflect the new Medicare Physician Fee Schedule conversion factor. This is a result of the Consolidated Appropriation Act, 2024, which starting March 9 included an additional 1.68% update to the 2024 conversion factor that offset a portion of the 3.37% cut to physician payments 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 CMS has now established the new conversion factor of $33.2875 for dates of service March 9 through December 31.
The CMS also released updated payment files, including the Medicare Physician Fee Schedule, and associated abstract files, the Ambulatory Surgical Center (ASC) Fee Schedule, and Anesthesia file. Additionally, the RVU files have also been updated, and they show a conversion factor of $33.2875.
The CAP has developed an impact table to provide code level payment levels resulting from the new conversion factor.