The Centers for Medicare & Medicaid Services (CMS) issued a final rule (CMS-1769-F) to update Medicare payment policies and rates for the Inpatient Psychiatric Facility Prospective Payment System (IPF PPS) for fiscal year (FY) 2023. Here’s a summary of the key provisions, which are effective October 1, 2022:
- Updated payment rates by 3.8% with estimated payments to increase by 2.5% (or $90 million) after productivity adjustment
- In order to mitigate instability in IPF PPS payments due to significant wage index decreases that may affect providers in any given year, CMS will apply a 5% cap on decreases in the IPF PPS wage index for FY 2023 and subsequent years, in a budget neutral manner.
Source: U.S. Centers for Medicare & Medicaid Services (CMS)
3Gen Consulting has always been in the forefront when it comes to adding value. We always believe in setting our own standards. What sets us apart is the investment that we make in our people, processes and innovation to provide you with market leading healthcare revenue cycle management services. We work as an extension of our clients’ teams by focusing on their key challenges, aligning with their culture and delivering the best results.
If you’re interested in finding the right medical billing and coding services partner, contact us today.