2024 Medicare Provider Conversion Factor Updated to Reflect Federal Spending Legislation

March 18, 2024

On March 9, 2024, President Biden signed the Consolidated Appropriations Act of 2024, which included a +1.68% adjustment to the Medicare Physician Fee Schedule (MPFS) conversion factor (CF) for the remainder of  calendar year (CY) 2024. This increase results in a 1.68% reduction to the 3.37% CF cut finalized in the 2024 MPFS final Rule.

On March 15, the Centers for Medicare & Medicaid Services (CMS) published the updated CF of $33.2875 for March 9—December 31, 2024. In other words, the new CF only applies to claims with dates of service on or after March 9, 2024. Any claims with dates of service prior to March 9, 2024, will be reimbursed using the original CF of $32.7442.

The Association for Clinical Oncology (ASCO) advocated for Congress to address the full 3.37% Medicare physician reimbursement cut, and while ASCO appreciates congressional action, the Association is disappointed that Congress failed to eliminate the entire reimbursement cut. ASCO will continue to advocate for much needed, long-term reforms to the flawed Medicare payment system to improve patient access to cancer care and the sustainability of oncology practices.

Bookmark ASCO in Action for updates, as well as news, advocacy, and analysis on cancer policy.