Alert: 2% Sequestration Medicare Fee Cut
|As of April 1, 2013, Medicare fees were effectively cut by 2% as part of the overall federal cuts required by sequestration. For participating providers, patients will still be required to pay the same copay they paid before sequestration (even though the percentage of the total will be slightly higher than it was since the amount received from Medicare will be lower), but the provider will receive 2% less from Medicare. Nonparticipating providers may continue to charge patients the limiting charge for the service, and the 2% will be subtracted from the reimbursement they get from Medicare.
Medicare was created in 1965 as part of the Social Security Act. The program was divided into two parts. Part A is hospital insurance and helps to pay for care provided in a hospital, skilled nursing facility, nursing home, or hospice. It covers the room, board, and ancillary charges billed directly by the facility. Part B covers the professional services of physicians and nonphysician healthcare providers and a variety of outpatient services including x-rays, laboratory work, and durable medical equipment. Since 2006 there has also been a prescription drug benefit that Medicare beneficiaries can buy into known as Medicare Part D.
Practice help is available to Members through the Practice Management HelpLine by phone [800.343.4671] or email us at email@example.com.
Medicare Carriers/Contractors Directory
Medicare e-Prescribing Program
Medicare Fee Schedule
Medicare Participation: Know Your Options
More online/print practice resources supported by OHSF:
Practice Management for Psychiatrists: The Basics [free online to Members. The e-book is posted both as a single document download and as a chapter-by-chapter download for ease of printing.
[free online to Members. The e-book is posted both as a single document download and as a chapter-by-chapter download for ease of printing.
Information on Mental Health Parity can be found on the APA website www.psych.org under Managing A Practice or on the APA co-sponsored site www.parityispersonal.org.