Medicare to Hike Pay by $70 Million for Psychiatric Facilities

Inpatient psychiatric facilities would see an additional 3.3%, or $70 million, in Medicare payments in fiscal year 2024 under a final payment rate hike announced Wednesday by the Centers for Medicare & Medicaid Services.

The final rule (RIN: 0938-AV06) will increase the federal per-day base payment for the facilities from $865.63 to $895.63.

Inpatient psychiatric facilities include both freestanding psychiatric hospitals and inpatient psychiatric units of acute care hospitals.They provide round-the-clock care for psychiatric emergencies, according to the National Association for Behavioral Healthcare.