Medicare providers are set to face another round of significant payment cuts on January 1, 2023. The recently released CY23 Medicare Physician Fee Schedule (MPFS) proposed rule jeopardizes the financial stability of many physician practices by proposing to cut the Medicare conversion factor by approximately 4.42%. These cuts, combined with the pending threat of the 4% PAYGO reduction and the termination of the 2% sequestration moratorium in July 2022 are not sustainable. From 2001 to 2021, taking into account inflation, Medicare reimbursement has decreased by as much as 20%.

 

We are again looking to Congress to take the following actions to ensure that physicians are able to continue to provide the best possible care for their patients:

Absent Congressional action, these cuts will go into effect in 2023 and account for a nearly 10% reduction in revenue, proving detrimental to our patients access to care.

 

Please urge your lawmakers to support financial stability for Medicare providers in FY23, and work with stakeholders to establish long-term payment reform.