Senate Passes Spending Bill for FY 2024, Heads to President’s Desk for Signature

Bill Provides Increase to Medicare Physician Fee Schedule

On March 8, the Senate passed a $459 billion measure funding the first six of 12 annual appropriations bills, the first step in averting a partial shutdown to fund the government through the end of the fiscal year in September. The measure passed the House of Representatives on Wednesday before finally passing the Senate, and now heads to the President’s desk for signature.

Of importance, the bill includes a 1.68% increase to the Medicare Physician Fee Schedule effective March 9 through December 31, 2024. The measure reduces the 3.4% cut finalized by the Centers for Medicare and Medicaid Services (CMS) that went into effect on January 1, 2024, by about half on a go-forward basis.

The package also extends the Advanced Alternative Payment Model bonus for the 2024 performance year; however, the 3.5% bonus has been reduced to 1.88%.

The bill does not contain other healthcare-related provisions that Congress had been considering, such as site neutral payment reforms, pharmacy benefit manager reforms, or a provision to allow for the resumption of home delivery of needed oral medications. The Network will continue its advocacy in support of these important policies for consideration later this year.

Thank you again to everyone who contacted their Member of Congress in support of mitigating the Medicare payment cuts. 

To read the text of the funding bill, CLICK HERE.