January 12, 2023
On January 5, the Centers for Medicare and Medicaid Services (CMS) released the new Medicare physician payment files that include the 2023 conversion factor of $33.8872, which is 2 percent lower than the 2022 conversion factor of $34.6062. The new conversion factor reflects the year-end adjustments to Medicare payment rates adopted by Congress.
Through pressure applied by the MMA and other organized medicine groups, led by the AMA, the 2023 conversion factor would have been reduced by an additional 2.5 percent.
“This cut comes at a time when physician practices remain stressed by COVID, seasonal infections, and many financial challenges,” said MMA President Will Nicholson, MD. “Although the size of the cut is smaller than first proposed, I want to be clear, the MMA views any cut to Medicare physician payments as unacceptable.”
On December 21, 2022, the MMA denounced the cuts in a letter sent to Minnesota’s congressional delegation. The MMA will continue to advocate for updates to Medicare physician payments that better reflect the costs of practicing medicine, adjusted for inflation.
For further questions, please contact Adrian Uphoff, health policy analyst.
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