On August 7, 2023, the 2024 Medicare Physician Fee Schedule (MPFS) Proposed Rule was published to the Federal Register. This proposed rule puts forth proposed Medicare Part B reimbursement updates expected to be effective on 01/01/2024. Comments are due by 09/11/2023. If you are interested in submitting a comment, we will be providing tips in an upcoming Regulatory update.

Topic Area and Key Points in the Proposed Rule

MPFS Conversion Factor

The proposed 2024 PFS conversion factor is $32.7476

  • This proposed update is a decrease of $1.14, or approximately 3.34%, from the 2023 MPFS conversion factor of $33.8872.
  • This would mean yet another decrease in Medicare B reimbursement to therapy in 2024.

Here is an example of reimbursement for CPT code 97530 Therapeutic Activities and the significant impact of year after year decrease to therapy reimbursement.*

2023 $37.62

2022 $38.07

2021 $39.43

2020 $40.42

*CPT codes vary by geographic locations. This example is the national payment amount before any reductions, such as Multiple Procedure Payment Reduction (MPPR) and/or the Assistant Modifier are deducted.

Click here to see the American Medical Association’s chart of Medicare updates compared to inflation 2001 - 2023 and sources.

Latest news

Stay connected and informed with our latest updates, events, and blog posts.

Powerback is a trusted name for comprehensive rehabilitation and wellness services.