2024 Proposed Medicare Physician Fee Schedule Released

On July 13, the Centers for Medicare & Medicaid Services (CMS) released the proposed rule for the calendar year 2024 Medicare physician fee schedule. The Michigan State Medical Society (MSMS) will begin our review and analysis of the nearly 2,000-page proposal and develop our official comments in the coming weeks. 

Of immediate concern, the 2024 conversion factor affecting all of medicine is proposed to be $32.7476, a 3.36% reduction from the current year; while the anesthesia conversion factor is proposed to be reduced from $21.1249 to $20.4370. 

Comments are due to CMS no later than 5 p.m. on September 11, 2023. The text of the proposed rule can be accessed here.

CMS has provided additional helpful information in their press statement and in the following links that provide information on the Medicare Physician Payment Schedule, changes to the Quality Payment Schedule, and changes to the Medicare Shared Savings Program.

Click here for the CMS Fact Sheet on the 2024 Medicare Physician Payment Schedule proposed rule

Cick here for a PDF of the CMS Fact Sheet on 2024 Quality Payment Program proposed changes

Click here for the CMS Fact Sheet on Medicare Shared Savings Program proposed changes