As part of the current spending bill, Congress has passed, and President Biden has signed partial relief for the ongoing Medicare payment cuts to physician services. The legislation allows for an additional increase of 1.68% to the current conversion factor, increasing the previous 1.25% boost approved in the legislation passed for 2023. This addition will make the total increase to the conversion factor 2.93%. The updated CY 2024 PFS conversion factor will be 33.2875. 

While the additional increase to the conversion factor is helpful, it does not completely alleviate the cuts from 2023, leaving a decrease of 1.8%. The increased relief is not retroactive and will begin with services rendered on March 9, 2024, and expire on December 31, 2024. SCAI will monitor the implementation of the increase and continue to fight for Medicare reform.