Summary of Bill HR 2474
Bill 118 hr 2474, also known as the Strengthening Medicare for Patients and Providers Act, is a piece of legislation introduced in the US Congress aimed at improving the Medicare program for both patients and healthcare providers. The bill focuses on several key areas to enhance the overall effectiveness and efficiency of Medicare.
One of the main provisions of the bill is to address the issue of physician payment rates under Medicare. The legislation seeks to provide more stable and predictable payment rates for healthcare providers, ensuring that they are fairly compensated for the services they provide to Medicare beneficiaries. This is intended to help attract and retain healthcare providers in the Medicare program, ultimately improving access to care for patients.
Additionally, the bill includes measures to promote value-based care and quality improvement initiatives within Medicare. This includes incentivizing healthcare providers to deliver high-quality care that is cost-effective and improves patient outcomes. By focusing on value-based care, the legislation aims to drive improvements in the overall quality of care provided to Medicare beneficiaries.
Furthermore, the Strengthening Medicare for Patients and Providers Act includes provisions to enhance transparency and accountability within the Medicare program. This includes measures to improve data sharing and reporting requirements, as well as increased oversight of Medicare spending to ensure that taxpayer dollars are being used efficiently and effectively.
Overall, the bill aims to strengthen the Medicare program for both patients and providers by addressing key issues such as physician payment rates, value-based care, and transparency. By implementing these measures, the legislation seeks to improve the quality of care provided to Medicare beneficiaries and ensure the long-term sustainability of the program.
Congressional Summary of HR 2474
Strengthening Medicare for Patients and Providers Act
This bill modifies certain adjustments to payment amounts under the Medicare physician fee schedule.
Payment amounts under the Medicare physician fee schedule are based on a service's relative value, a conversion factor, and a geographic adjustment factor. Current law provides for separate conversion factors for physicians that are qualifying participants in advanced alternative payment models (also known as qualifying APM participants) and for other physicians beginning in 2026, with an annual update of 0.75% and 0.25%, respectively.
The bill replaces the separate conversion factors for qualifying APM participants and other physicians with a single conversion factor and provides for an update that is equal to the annual percentage increase in the Medicare Economic Index, beginning in 2024. (The Medicare Economic Index is a specialized index that is generally used to determine allowed charges for physician services based on annual price changes.)