August 10, 2022 — On July 27, ASNC joined a coalition of more than 100 medical societies urging Congress to pass legislation that provides at least a 4.5 percent conversion factor adjustment and waives a statutory PAYGO requirement that will otherwise result in a 4 percent sequestration next year on top of the existing 2 percent sequestration. The letter specifies that any legislation should include a one-year inflationary update based on the Medicare Economic Index.
The letter is in response to the CY2023 Medicare Physician Fee Schedule Proposed Rule that lays out a 4.5 percent cut to the conversion factor next year, the majority of which is due to the expiration of a 3 percent adjustment provided by Congress. The conversion factor forms the basis of Medicare payments. Therefore, proposed cuts affect all services paid under the physician fee schedule.
ASNC and other societies are seeking payment reforms from Congress that will establish financial stability to clinicians and guarantee access to Medicare beneficiaries now and in the future. The Medicare payment system continues to be jeopardized by the effects of budget neutrality requirements and the absence of inflationary updates as expenses for physician practitioners continue to rise.
For more information: https://www.asnc.org/