CMS finalizes payment increase for hospices in FY 2023

The Centers for Medicare & Medicaid Services today issued a final rule to update hospice payment rates for fiscal year 2023. The rule finalizes a 3.8% ($825 million) net increase to payments compared with FY 2022. This includes a 4.1% market basket update and a 0.3 percentage point cut for productivity. The rule also finalizes an annual payment cap per patient of $32,486.92 and a permanent 5% cap on wage index reductions relative to the prior year