Hospice Proposed Final Rule: Hospices to see payment increase in October
The proposed FY 2024 hospice payment rate update by CMS will likely significantly impact hospice agencies. As per the proposal, hospice payment rates will increase by 2.8% for hospices that meet quality reporting requirements, according to the FY 2024 Hospice Wage Index and Payment Rate Update Proposed Rule. Subsequently, the rule proposes to increase the aggregate hospice cap to $33,396.55.
The hospice rule also includes a proposed increase in the payment reduction for agencies failing to comply with the HQRP reporting requirements from a 2% to a 4% reduction. These penalties would offset the proposed reimbursement increases to the hospice per diem rates at this level.
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Complimentary Hospice Final Rule 2024 Webinar
Please access our complimentary webinar, hosted by SimiTree’s Jordan Cichon, Consulting Director, and Maureen Kelleher, Clinical Consulting Manager, to share specific insights and expert advice on the hospice proposed rule. Don’t miss out and share this important information from our experts on social media! Explore all on-demand webinars from our experts.
How SimiTree Can Help
These changes can be challenging for hospice agencies to navigate. With the help of SimiTree, agencies can optimize their operations and financial performance. SimiTree offers expert guidance on hospice and home health agency operations, compliance, revenue cycle management, and more. Our experts help agencies understand the proposed changes in hospice payment rates and productivity adjustments and develop strategies to adapt to these changes.
In addition, SimiTree provides customized solutions for hospice and home health agencies, helping them improve their quality of care, increase efficiency, and reduce costs. Read more about our outsourced services or consulting services today.
Additional resources
Read more at Home Health Line: https://bit.ly/3M1V2BA
See the proposed rule at https://public-inspection.federalregister.gov/2023-06769.pdf.
Visit the CMS.gov hospice webpage here: https://www.cms.gov/Center/Provider-Type/Hospice-Center