The introduction of bipartisan legislation in Congress aims to address the financial challenges faced by healthcare practitioners.
The proposed Medicare Patient Access and Practice Stabilization Act seeks to counteract a suggested 2.8% reduction to the conversion factor in the CY2025 Physician Fee Schedule. This legislation not only aims to halt the cuts but also introduces the first inflationary update to physician pay in several years.
The bill includes a one-year pay fix that offers an additional 1.93% increase, resulting in a 4.73% increase in current pay rates for physicians. This legislation is seen as a significant acknowledgment of the inflationary pressures that have long affected physician compensation.
The proposed adjustments to physician pay reflect broader concerns about the quality of care available to Medicare patients. The bipartisan support for this legislation indicates a recognition of these challenges and a commitment to ensuring that physicians can continue to serve their patients effectively.