MPFS 2021 Updates: Searchable Fee Schedule Now Available and Sample Impact Analysis from Saisystems Health
On Jan. 31, 2021, the Center for Medicare Services (CMS) updated its Physician Fee Look-up tool to reflect the latest updates in Medicare Physician Fee Schedule (MPFS) 2021. LTPAC providers can now utilize the searchable MPFS to find information on more than 10,000 services covered by Medicare, the associated relative value units, a fee schedule status indicator, and various payment policy indicators needed for payment adjustment (i.e., payment of assistant at surgery, team surgery, bilateral surgery, etc.).
Developing a Strategy that Lasts
This update reflected the recent modifications on MPFS for CY 2021 by the Consolidated Appropriations Act on Dec. 27, 2020. As a result of this legislation, a new conversation factor of $34.8931 was published; a 3.75% increase compared to the previously published conversation factor. LTPAC practices enjoy some relief from this new legislation but will still see some negative impact on income this year.
The new administration and Congress can use legislative and other measures to modify the fee schedule in response to the ongoing COVID-19 pandemic. The best way to navigate the current environment is still to adjust your strategy to compensate for the impact of the reduced reimbursement. Act now to solidify your income and build a strong foundation that can last beyond the COVID-19 pandemic.
Productivity and efficiency continue to be crucial areas for strategy redesign, followed by personnel optimization and expense reduction. However, it requires field experience, data expertise and industry knowledge to design a targeted strategy with long-lasting impacts.
Partnering with an experienced vendor like Saisystems Health can save you both time and effort in the strategy redesign process so that you can focus on caring for your patients.
Sample Impact Analysis
In the last 2 months, Saisystems Health has successfully redesigned strategies for many clients to offset the new fee schedule’s impact while improving their bottom line. In this sample analysis, we collected and analyzed historical data of a practice’s performance to identify areas of focus for a strategy redesign. Based on that, we can recommend specific tactics to the practice to compensate for the reduced reimbursement.
Conducting an impact analysis requires cutting through the numbers to generate actionable insights, but its yield can reorient your practice, clear your financial concern and put you back on track for growth in 2021.
Leave the data grinding and the hard work to us. Our expertise in revenue cycle management, medical coding and billing, and payor enrollment ensures that you get a comprehensive, data-backed view of the new fee schedule’s impacts on your practice, utilize every avenue possible to mitigate financial losses.
If you want to analyze the MPFS 2021’s impact on your practice and mitigate them, we can help.