Medicare payments to a host of medical providers providers will take a hit in 2023 when the Biden administration implements a nearly 4.5% cut in their reimbursements, a final rule released Tuesday said.
The 2023 Medicare Physician Fee Schedule final rule (RIN: 0938-AU81) calls for the multiplier—or “conversion factor” used to determine provider reimbursement in traditional Medicare— to drop to $33.06, down $1.55, or 4.47% from $34.61 in 2022.
“This conversion factor reflects the statutorily required update of 0% for CY 2023, expiration of the temporary 3% supplemental increase in PFS payments for CY 2022 provided by the Protecting Medicare ...