CMS updates Medicare conversion factor

The Consolidated Appropriations Act of 2024, enacted March 9, updates the Medicare conversion factor from $32.74 to $33.29, a bump of 1.68 percent that partially offsets the pay cut introduced on Jan. 1. The CMS website has been updated to reflect the new conversion factor, which applies to services provided from March 9 through December 31, 2024. For services rendered from January 1 through March 8, 2024, the previous conversion factor of $32.74 will be used. Additionally, CMS has updated its payment files, including Medicare Physician Fee Schedule relative value files to reflect the new conversion factor.