The Importance of Filing Quarterly Payroll Tax Returns
Businesses with one or more employees are required to withhold and remit taxes. Depending on the filing status of the employer, the returns are...
The Centers for Medicare and Medicaid Services (CMS) has released the 2024 Medicare Physician Fee Schedule (PFS), and physicians should now expect another payment cut. The Medicare finalized conversion factor has been cut 3.4% from the 2023 rate to $32.7442. The 2023 rate was already cut 2% from 2022. The Medicare Economic Index, which measures practice cost inflation, has increased to 4.6%, which is up even more from the 3.8% increase last year.
The PFS only applies to Medicare reimbursements; however, many private payer contracts are tied to the Medicare rates. Physicians will be limited in what they can collect from private payers due to these cuts.
Other Changes to the Fee Schedule
Changes to Quality Programs and Their Criteria
In a statement released by CMS, CMS Administrator Chiquita Brooks-LaSure explains the reasoning behind these changes. “CMS remains steadfast in our commitment to supporting physicians and ensuring that people with Medicare have access to the care they need to stay healthy as well as navigate health conditions they are facing. CMS is taking important steps toward those goals in this rule by improving payment for primary care and access to mental health care, paying for new navigation services to help people with cancer and other serious illnesses navigate their treatment, supporting family caregivers, paying for services involving community health workers to address health-related social needs that impact care, and enhancing access to dental care for people with certain cancers.”
While these changes in the Medicare Physician Fee Schedule may be concerning, the Baldwin CPAs team is here to help you make sense of these changes and ensure that your business remains up to date. Our experienced healthcare team works diligently to stay abreast of all new government regulations, so you can focus on providing your patients with quality care. Contact us today for more information on how Baldwin can serve your practice.
Businesses with one or more employees are required to withhold and remit taxes. Depending on the filing status of the employer, the returns are...
Businesses with one or more employees are required to withhold and pay withholding. Depending on the filing status of the employer, the returns are...
The first quarter of 2024 has witnessed a notable surge in hospital and health system mergers and acquisitions (M&A), marking a significant trend in...