November 1, 2024
Without congressional action, the budget neutrality requirements mandated by the CY 2025 Medicare Physician Fee Schedule (MPFS) Proposed Rule will cause the Conversion Factor (CF) to decrease from approximately $33.29 to $32.36 starting January 1, 2025. This 2.8% reduction marks the fifth consecutive year of cuts to Medicare payments.
Recently, Reps. Greg Murphy, MD (R-NC) and Jimmy Panetta (D-CA) introduced the "Medicare Patient Access and Practice Stabilization Act" (H.R. 10073). This bipartisan bill aims to eliminate the upcoming 2.8% cut and instead provide a 1.8% payment update for 2025—an actual increase equal to half of the Medicare Economic Index (MEI)—which will help stabilize payments and ensure patient access to care. This 4.73% increase aligns with recommendations from the Medicare Payment Advisory Commission.
There is large bipartisan support for a Medicare payment fix; 233 members of Congress (140 Democrats and 93 Republicans) have signed a Dear Colleague letter urging House leadership to replace the latest budget neutrality cuts with a payment update that considers the inflationary pressures on clinicians’ practices.
Urge your representatives to support this bill and take action today!