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Stop Medicare Physician Pay Cuts in 2024

Stop Medicare Physician Pay Cuts in 2024

Physicians, including hematologists, are facing yet another round of Medicare payment cuts by the Centers for Medicare & Medicaid Services (CMS). The agency will initiate a 3.37% cut to the Medicare Physician Fee Schedule conversion factor in 2024. Various pieces of legislation have been introduced to mitigate or eliminate the cut; however, Congress has not yet taken action on this important issue.

Additionally, physicians are the only providers whose Medicare payments do not automatically receive an annual inflationary update. When adjusted for inflation, Medicare physician payments have dropped by 26% from 2001 to 2023. Meanwhile recent scientific advancements are changing the standards of practice in hematology, with increasing complexity and costs to deliver high-quality care. Physicians, including hematologists, simply cannot afford to operate and deliver the same high-quality care under the current payment system.

The last statutory update to the conversion factor was applied in 2019; and since then, Congress has intervened when budget neutrality and other adjustments have resulted in reimbursement cuts. Congress must reform the Medicare physician payment system to make it simpler, more reflective of real-world physician practice costs and more predictable for both physicians and CMS before it's too late!

Congress is considering multiple pieces of legislation mitigate this cut and to reform the budget neutrality requirements in an effort to mitigate the reimbursement reductions that result from this formula. ASH is urging Congress to consider these and other legislative solutions to reform the reimbursement mechanisms in the Medicare Physician Fee Schedule, ensuring its stability and preserving patient access, and ending this cycle of cuts and financial uncertainty.

It is critical that Congress act to pass this or any other legislation that will prevent these devastating cuts. Please take a moment and contact your Senators and Representative to tell them to cancel the cuts!