2 November 2023:  The final 2024 Medicare Physician Fee Schedule (PFS) was announced by CMS today, with the final rule to be published in the Federal Register 11/16/23.

The final 2024 Conversion Factor (CF) was set at $32.74, a decrease of $1.15 (-3.4%) from the 2023 CF of $33.89. (The proposed rule CF reported in July was $32.75). The CF has not been this low since 1993 — the second year it was used to set fees —when it was $31.25. The CF in 2024 is 13.4% below the CF twenty years ago. 2024 is the first time since 1992 inception the CF has declined four years in a row.

Here’s a look at the CF over time.

Relative Value Units (RVUs) have not been added to the CMS site as of the 11/2/2023 announcement. Together with the CF, those would yield National Payment Amounts (NPAs) for specific services (the basic formula for calculating NPAs is CF X RVU = NPA). Given that any changes in RVUs from 2023 to 2024 are not available at this time, the following reported fees for psychological services in 2024 are estimates, assuming no changes in RVUs from the prior year. These also represent national values, and reimbursement will vary from these by geographic region. Estimated NPAs are provided for non-facility (i.e., office) settings.

NPAs For Services Most Commonly Provided By Psychologists In Medicare (2024 Estimated)