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Your providers will find it easier to hit the required time for a prolonged inpatient or observation visit and you’ll find it easier to keep track of threshold times, thanks to a correction to the final 2023 Medicare physician fee schedule.
The Biden administration has announced its intention to end the U.S. COVID-19 public health emergency (PHE) on May 11, 2023. In place since Jan. 31, 2020, the PHE has allowed numerous flexibilities within the Medicare program that will need to be either extended or wound down. 
 
Come April 1, coders will have additional code options to further capture social determinants of health (SDOH) and abuse and neglect, as CDC released upcoming changes to both the code set and official guidelines on Jan. 9.
 
 
On the heels of the omnibus spending bill that President Biden signed into law Dec. 29, CMS has posted a revised conversion factor of $33.8872, replacing the $33.0607 amount originally released with the final 2023 Medicare physician fee schedule.
 
In what looks to be the last iteration of Congress’ year-end appropriations bill for 2023, the daunting 4.5% conversion factor cut to Medicare providers’ reimbursement has been slightly eased with a 2.5% increase to 2023 rates and a 1.25% increase to 2024 rates – trimming but not totally erasing the drop to about 2% for CY 2023.  

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