A new bipartisan initiative in the House is seeking to address the ongoing challenges faced by physicians under the Medicare system.
The proposed Medicare Patient Access and Practice Stabilization Act aims to prevent a scheduled 2.8% cut to Medicare payments that is set to take effect on January 1, 2025, while also providing a 4.7% payment increase for physicians.
The American Medical Association (AMA) has highlighted a 29% decline in Medicare reimbursement for physician services since 2001 and emphasized the need for reform.
The proposed legislation, co-sponsored by Representatives Greg Murphy (R-N.C.) and Jimmy Panetta (D-Calif.), aims to mitigate the financial strain on medical practices.
The bill proposes an increase that aligns with half of the Medicare Economic Index, reflecting recommendations from the Medicare Payment Advisory Commission.
Physicians are facing financial strain due to ongoing cuts in Medicare reimbursement, with many practices at risk of layoffs, reduced services, or closure.
The Medical Group Management Association (MGMA) has urged Congress to act swiftly to prevent the full implementation of the proposed 2.8% cut.
The Centers for Medicare and Medicaid Services (CMS) had previously proposed the 2.8% reduction in the conversion factor for the 2025 Medicare Physician Fee Schedule, which, combined with projected practice cost increases, could result in an overall 6.4% cut for physicians.
The AMA has called for a more sustainable reimbursement model to ensure the viability of medical practices.
The bipartisan nature of the bill reflects a growing recognition of the challenges faced by healthcare providers and the importance of ensuring access to care for patients.
The AMA's advocacy efforts have been instrumental in bringing attention to the plight of physicians, and the introduction of this bill signals a potential turning point in the ongoing struggle for fair reimbursement.
A stable reimbursement system is crucial for maintaining the quality of care that patients receive, and permanent reforms to the Medicare reimbursement system are urgently needed.