In a Special Edition update sent Tuesday, March 24 by Centers for Medicare and Medicaid Services (CMS), the negative update of 21% currently under law for the Medicare Physician Fee Schedule is scheduled to take effect on April 1, 2015.
Medicare Physician Fee Schedule claims for services occurring on or before March 31, 2015 are unaffected by this cut. These claims will be processed under the usual time frame and procedures and unaffected by the payment cut.
Congress is being urged by the CMS Administration to ensure these cuts do not take effect. Until that happens, CMS must take the necessary steps to apply the negative update. Electronic claims are not paid earlier than 14 calendar days after the date of receipt. Paper claims are not being paid earlier than 29 days following the date of receipt.
Stay tuned to abeo for more news to come on efforts to avert the negative update. CMS has advised they will send out notices on or before April 11, 2015.
abeo Management Corporation (abeo) serves as a leading source of revenue cycle management and practice management with a specialization in anesthesia. The company leverages its people, processes, and software to serve independent practices, surgery centers, hospitals and healthcare systems with a scope of services that include billing, coding, transcription, practice management, and business consulting.