Last week, the Centers for Medicare and Medicaid Services (CMS) released the Calendar Year 2023 Physician Fee Schedule (PFS) proposed rule. The rule proposes cutting the conversion factor – the multiplier that Medicare applies to relative value units (RVUs) to calculate reimbursement for a particular service – by an approximate 4.42 percent beginning January 1, 2023. Of course, this will result in a decrease in amounts paid to providers.
Kentucky has more than 950,000 residents on Medicare. Such across-the-board cuts, coupled with continued sequestration reductions, jeopardize patient access to needed health care and threaten the short and long-term sustainability of our patients’ health and our practices throughout Kentucky and the nation.
The Kentucky Association of Chiropractors Insurance team is continuing to review the proposed rule for additional repercussions that could affect chiropractors in the coming year. We have already had discussions and will continue working on the 2023 Medicare Physician Fee Schedule with both our state and national association partners, in addition to continuing efforts to reform the overall Medicare physician payment system. Stay tuned for more information as it becomes available.