2024 CMS Physician Fee Schedule Changes Revealed: Impacts on Reimbursement & Budgeting

This video delves into the recently released changes to the CMS Physician Fee Schedule for 2024.
As of January 1st, 2024, the conversion factor is set to decrease by $115 from the 2023 rate, alongside an increase in Medicare Part B premiums. We discuss the potential effects on healthcare providers, especially specialists, and explore strategies for adapting to these changes.
If you manage a medical practice or are a healthcare professional, this information is crucial for budgeting and planning.
Watch to understand the implications, and share this video with your colleagues to ensure everyone is well-informed before the new fee schedule takes effect. If you have any questions or insights, leave them in the comments below. Time is of the essence, so let's prepare for the upcoming shifts in reimbursement together! 📊💼 #CMSFeeSchedule #HealthcareChanges #PhysicianReimbursement
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🔗 Resources:
Check out our website at www.integralclinicsolutions.com for additional resources and updates. Share this video with your colleagues. Stay informed, stay empowered.
Hi there! My name is Jennifer. Over the last 15 years, I've gained much experience working in the medical field in various roles. Through my experience, I've seen many medical practice owners make mistakes in running their businesses. That's why I created this channel - to help medical practice owners avoid these common pitfalls. I aim to promote growth and success within the private practice world of medicine. Healthcare has become too standardized, creating many unnecessary challenges and demands.
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[@lizabodo4819]

How to get a copy of providers contract to each insurances and a copy of fee reimbursement schedules?

[@navigatingthebusinessofmed8251]

Hi and thank you for watching my videos. If you cannot find a copy of the contracts from when your provider/group first signed the contract then you need to contact each credentialing department at every payer and ask the send you a copy of your executed contract. They will also be able to provide you the reimbursement information, but the contracts should have that information too. Good luck!

[@raheelabbas6457]

How can I submit request to Medicare for increase in our current rates.?

[@navigatingthebusinessofmed8251]

Hi and thank you for watching! Unfortunately, Medicare does not negotiate their rates, especially with small practices and groups. Their fee schedule is their final reimbursement. You can try contacting your Medicare Administrator Contractor (MAC) to see if they offer any other options, but I have never seen anyone be successful. Good luck!

[@josephinebostic7298]

How do a new NP learn how to get the COT codes for billing?

[@navigatingthebusinessofmed8251]

NPs bill the same codes as doctors in the speciality in which they practice. The individual changes come into play depending on supervising/incident to billing although this is not a common situation. Reimbursement for mid-levels is always less than doctors billing for same codes