On Monday, December 21, Congress passed legislation that included another COVID-19 relief package worth $900 billion. On Sunday, December 27, President Trump signed this legislation into law.
Among its many provisions, the package includes payments up to $600 per adult and child to qualifying Americans, an increase in weekly unemployment benefits and funds for small-business aid and vaccine distribution. It also included a provision to increase payments for physician services under the Medicare Fee Schedule by 3.75 percent in 2021.
Earlier in December, the 2021 Medicare Physician Fee Schedule reduced the national anesthesia conversion factor from $22.2016 to $20.0547. This 9.7 percent reduction will only be 6.3 percent after the provision in the coronavirus relief package. This new legislation would increase the 2021 value to $20.8068. Locality-specific conversion factors used for adjudicating claims will see a slightly higher or lower change.
In May 2020, the CARES Act suspended the two percent sequestration payment adjustments, but this new law extends that relief through March 31, 2021.
For questions on how to maximize your anesthesia revenue in 2021, contact Medical Business Management!