Medicare providers are facing significant reimbursement cuts starting January 1, 2023. The 2023 Medicare Physician Fee Schedule (PFS) proposal jeopardizes the financial stability of many oncology practices by proposing a cut to the Medicare conversion factor of approximately 4.5%. The rule is expected to be finalized in November 2022.
This steep cut to physician reimbursement—which impacts all services across the fee schedule—is the result of:
These cuts are compounded by the 2% sequestration cut that went back into effect on July 1, 2022; and a 4% pay-as-you-go (PAYGO) cut, triggered by the passage of the American Rescue Plan, scheduled to begin on January 1, 2023.