2024 Medicare FAQs

2024 Coding, Billing and Documentation Update

Presented by: Rachel A. Fernbach, Esq.
January 8, 2024

2024 Abbreviated Medicare Fee Schedules - updated 1/8/2024

ACTION ALERT

Unless Congress acts, psychiatrists are facing continued Medicare reimbursement cuts.

While we achieved some legislative wins to increase payments for psychotherapy services in 2024 and mitigate recent overall Medicare Physician Fee Schedule (MPFS) cuts on a temporary basis, the Center for Medicare & Medicaid Services (CMS) approved a 3.4% reduction in Medicare's physician payments for 2024. 

This cut would be devastating to physician practices and the patients they care for. To make matters worse, physician reimbursement is the only payment within Medicare without an annual inflationary update. Additional cuts could necessitate reduced staffing and office closures, disproportionately harming rural and underserved communities.  

Please urge Congress to prevent these devastating cuts from going into effect by cosponsoring the Supporting Medicare Providers Act (H.R. 2474). 

This bipartisan bill puts physicians on an equal fiscal footing with other entities drawing Medicare payment. The legislation applies a permanent inflation-based update to the MPFS conversion factor, which will provide much-needed stability to the Medicare payment system as physicians contend with an increasingly challenging environment providing Medicare beneficiaries with access to timely and quality care.

Urge Your Representative to Stop MPFS Cuts