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2023 Medicare Physician Fee Schedule Final Rule
Calendar Year (CY) 2023 Medicare Physician Fee Schedule Final Rule
On November 01, 2022, the Centers for Medicare & Medicaid Services (CMS) issued a final rule that includes updates and policy changes for Medicare payments under the Physician Fee Schedule (PFS), and other Medicare Part B issues, effective on or after January 1, 2023. With the budget neutrality adjustments, which are required by law to ensure payment rates for individual services don’t result in changes to estimated Medicare spending, the required statutory update to the conversion factor for CY 2023 of 0%, and the expiration of the 3% supplemental increase to PFS payments for CY 2022, the final CY 2023 PFS conversion factor is $33.06, a decrease of $1.55 to the CY 2022 PFS conversion factor of $34.61.
Many are advocating reductions be delayed. If the rule is implemented as is, Providers will likely see around a 4.5% reduction in Part B payments; 3% from the removal of the supplemental increase and another 1.6% from budget neutrality adjustments.
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Sarah McIntosh, President