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CMS Updates Conversion Factor for Physician Services, Effective 03/09/24
In early March, Congress adopted legislation that updated the Medicare Physician Fee Schedule (MPFS) conversion factor for claims processed from March 9 to December 31, 2024. The revised conversion factor has been updated to $33.2875 reflecting a 1.68% update from the previous conversion factor of $32.74. The MPFS conversion factor is used in a payment formula to convert relative value units (RVUs) for physician services to a dollar amount for reimbursement. Of note, the agency will not reprocess claims, as the updated conversion factor is not retroactive. There will likely not be another update to the conversion this year. However, the AUA continues to advocate for permanent changes to the MPFS to avoid the continual uncertainty physicians are faced with at the end of each year.