On November 2, 2023 the Centers for Medicare & Medicaid Services (“CMS”) issued the 2024 Medicare Physician Fee Schedule (“MPFS”) Final Rule which included a 3.37 percent decrease in the MPFS conversion factor from $33.8872 to $32.7442. The Final Rule also indicated the expiration of the 1.0 GPCI floor on December 31, 2023. However, on March 9, 2024, President Joe Biden enacted the Consolidated Appropriations Act, 2024 (“CAA-24”), which raised the MPFS conversion factor from $32.7442 to $33.2875 for claims dated between March 9, 2024, and December 31, 2024. Notably, this adjustment wasn’t retroactive, meaning claims dated between January 1, 2024, and March 8, 2024, would be processed based on the pre-law conversion factor of $32.7442. In addition, the CAA-24 extended the 1.0 GPCI floor through December 31, 2024.

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Provider Strategy reports on market developments and insights related to the healthcare provider workforce. Our publication is committed to improving the healthcare professional workforce, utilization of providers, and ultimately supporting thought leadership in workforce innovation.

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