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Medicare Physician Fee Schedule
By Health Capital Consultants
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DEFINITION: The Centers for Medicare and Medicaid Services (CMS) uses the Medicare Physician Fee Schedule (MPFS) to reimburse physician services. The MPFS is funded by Part B and is composed of resource costs associated with physician work, practice expense and professional liability insurance.
Under the MPFS, each of these three elements is assigned a Relative Value Unit (RVU) for each Current Procedural Terminology (CPT®) code. These RVUs are then adjusted based on the Geographical Practice Cost Index associated with various geographic areas for different medical costs and wage differentials. The conversion factor is the national dollar amount that is multiplied by the total geographically adjusted RVU to determine the Medicare-allowed payment amount for a particular physician service.
CITE: https://www.r2library.com/Resource
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MPFS Final Rule Cuts Physician Payments
On November 2nd, 2023, the Centers for Medicare & Medicaid Services (CMS) released its finalized Medicare Physician Fee Schedule (MPFS) for calendar year (CY) 2024. While the finalized fee schedule cuts payments to physicians, there are a number of other (more positive) provisions in the final rule.
This Health Capital Topics article explores the various changes and updates included in the MPFS final rule. (Read more…)
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Filed under: "Doctors Only", Career Development, Experts Invited, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Op-Editorials | Tagged: Centers for Medicare & Medicaid Services, CMS, CPT, current procedural terminology, CY, Geographical Practice Cost Index, Health Capital Consultants, Health Capital Topics, Medicare Physician Fee Schedule, MPFS, relative value units, RVU |
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