In formal comments to the Centers for Medicare and Medicaid Services (CMS) on its calendar year (CY) 2024 Medicare physician fee schedule (PFS), the Alliance of Specialty Medicine (ASM or “the Alliance”) raised concerns about the steep reduction in the proposed conversion factor – estimated at -3.4% – due to the implementation of statutory requirements and regulatory changes discussed in the rule. The Alliance noted that most other Medicare providers anticipate sizeable increases in their 2024 payments (e.g., inpatient hospitals (3.1%); inpatient rehabilitation facilities (3.4%); hospices (3.1%); hospital outpatient departments (2.8%); and Medicare Advantage plans (3.32%)) that account for their costs to deliver care, while physicians will absorb significant cuts despite increasing practice costs, including the cost of skilled labor. The Alliance also discussed concerns about practice expense data collection, provided support for the existing processes to review evaluation and management (E/M) services, and urged improvements in the Quality Payment Program (QPP). Click the link below to access the full letter.
