Medicare providers are once again set to face another round of significant payment cuts if Congressional action is not taken prior to January 1, 2023. The recently released CY23 Medicare Physician Fee Schedule (MPFS) proposed rule jeopardizes the financial stability of many physician practices by proposing to cut the Medicare conversion factor by approximately 4.5%. These cuts, combined with the pending threat of the 4% PAYGO reduction and the termination of the 2% sequestration moratorium in July 2022, create for a nearly 10% reduction in revenue.
The Association for Clinical Oncology (ASCO), along with the entire House of Medicine, is asking Congress to take the following action to address the proposed cuts:
- Provide at least a 4.5% conversion factor adjustment for 2023
- Waive the 4% statutory PAYGO requirement
- Eliminate the 2% sequestration cuts to Part B services
- Provide a one-year inflationary update based on the Medicare Economic Index
It is vital that Congress takes action to provide financial stability for Medicare providers and help ensure that seniors continue to have access to high quality care.
Visit the ACT Network and urge lawmakers to support financial stability for Medicare providers in FY23, and work with stakeholders to establish long-term payment reform.