Physicians to Face Cuts in Medicare Reimbursements for 2024

Overall Medicare payments to physicians and clinicians in 2024 would fall by an average of 1.25% next year under a final rule released Thursday by the Biden administration.

In the final 2024 Medicare Physician Fee Schedule (RIN: 0938-AV07), the multiplier—or “conversion factor” used to determine provider reimbursement in traditional Medicare—would drop to $32.73 in 2024, down $1.15, or 3.4%, from $33.88 in 2023. The rule was issued by the Centers for Medicare & Medicaid Services.

The medical community immediately called on Congress to prevent the cuts, which they say will lead to reductions in staffing and the types ...