2023 Healthcare Mandates
2022 has finished and now. But you must be spending some time thinking about what’s ahead in the healthcare industry this year. Well, it’s best to get prepared for all the upcoming requirements. These requirements will have a huge impact on your medical practice and your way to do business during the next two years of the Biden administration.
Here’s the overview of what is about to come this year. Such as you have to get familiar with the 21st Century Cures Act, and the fee schedule in 2023.
21st Century Cures Act
The US government enacted the 21st Century Cures Act on 16th December 2016. The major goal was to boost medical product development and innovation in the Healthcare industry. Patients who are in the need of advanced cures and treatments. Those patients shouldn’t have to wait because of the up going reason bureaucratic obstacles.
The rule has gone to effect on 5th April 2021 to cover the following:
- Information blocking
2. Information interoperability
3. ONC Health IT certification
Always remember the practice will not liable if they do not go for the active implementation. All of you want to follow the regulatory status and 2023 healthcare industry updates.
But for now, you should know that it is against the law to block or stop patients from viewing their health records. Your healthcare industry may see fine if you keep this information from individuals who have all the right to see them.
2023 Fees Schedule
You have to keep an eye on the bottom line while focusing on offering the best healthcare services to your patients. Patients who are covered by the federal government through Medicare.
You can see some changes to the revenue flow in your healthcare industry. With the fee schedule slated for Medicare in 2023.
Budget neutrality modifications for 2023 are mandated by law. They are made to ensure that the payment rates for individual treatments do not alter the projected amount spent on Medicare. The 3% rise in PFS payments that was implemented in 2022 will end in 2023. A conversion factor of 433.08 has been recommended for 2023. This factor is $1.53 less than the PFS conversion factor for 2022, which was $34.61.
Split payments and shared E/M visits are not expected to alter any time soon. You should be aware that according to a recent statement from Medicare, “For CY 2023. It is that we are proposing to suspend the split (or shared) visits policy we finalized in CY 2022 for the definition of substantive portion, as more than half of the overall time, for one year with a few exceptions.”
Get Prepare For 2023
Here’s hoping that the coming year will be happy and healthy for you. Also, for your team, and the patients that rely on your healthcare services practice.
As 2023 approaches, there will be a lot of changes to Medicaid programs and medical practices. Naturally, you and your coworkers will be concerned with giving each patient. Patients that enter your office for the finest possible treatment (or visit you through telemedicine sessions, virtually).
With the 21st Care Century Act, the Decision Support Act, and anticipated changes to the fee schedules we will be dependent on them in 2023. You might not be able to budget much time to look into new developments. Check back with this blog frequently to make things easier for you and your team, and remain up to date on healthcare industry advancements. Also, deliver the finest health and human services possible.
All the major requirements of the healthcare industry in 2023 are mentioned above. By keeping all of them in mind. You can run very good medical billing services that will be very effective for your medical practice.