Medicare Estimated Payments for Outpatient Therapy in 2024
On July 13, 2023, the Centers for Medicare and Medicaid Services (CMS) released the calendar year (CY) 2024 Medicare Physician Fee Schedule (MPFS) proposed rule. This proposed rule does have regulatory and reimbursement implications for outpatient physical, occupational, and speech therapy provided in all outpatient therapy settings.
In this article, I will provide my members with the estimated payment amounts for calendar year 2024 for the more common CPT codes billed in outpatient physical, occupational and speech therapy compared to the 2023 payment rate for each CPT code. For my examples, I used the national payment averages for each CPT code. Based on the location of your clinic/organization, your payment may be higher or lower than the national average.
Keep in mind that the estimated payments may change once CMS releases the final rule in November 2023 and/or if Congress passess legislation increasing the conversion factor for CY 2024.
Warning: A beverage (alcoholic) may ease the pain when reading the article and aspirin and/or cold pack for your head may be required when finished reading.
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I saw the numbers first which prompted my initial reaction and then I saw your comments about “beverage of choice.” These cuts, complied over time across multiple patients, will add up to significant revenue loss for our professions. Let’s hope advocacy efforts by APTA, AOTA, ASHA can make some sort of difference here.