CMS Releases 2024 Physician Fee Schedule and Quality Payment Program Final Rule

On Nov. 2, the Centers for Medicare & Medicaid Services (CMS) released the 2023 Medicare Physician Fee Schedule (PFS) and Quality Payment Program (QPP) final rule. This rule finalizes updates to 2024 payment rates for physicians and other health care professionals, refinements to the Medicare Shared Savings Program, revisions to policies for the 2024 performance year of the QPP, and other policies. 

Notably, the 2024 conversion factor is reduced by approximately 3.4% from $33.89 in calendar year (CY) 2023 to $33.74 for CY 2024. This is primarily due to the implementation of a separate add-on payment for health care common procedure coding system code G2211 to recognize resource costs associated with evaluation and management visits for primary care and longitudinal complex patients. The CMS also revised the definition of “substantive portion” of a split (or shared) visit to mean more than half of the total time spent by the physician or nonphysician practitioner performing the split (or shared) visit or a substantive part of the medical decision-making as defined by Current Procedural Technology. The rule also finalizes payment for services addressing health-related social needs and screening.  

The CMS finalized the extension of certain telehealth waivers under the Consolidated Appropriations Act, 2023 (P.L. 117-328) and other related telehealth waivers, including allowing teaching physicians to supervise key portions of services through real-time audio and video technology when a resident furnishes telehealth services in all residency training locations through the end of CY 2024.   

Along with the rule, the CMS released a Physician Fee Schedule fact sheet, a Medicare Shared Savings Program fact sheet, and a QPP fact sheet.