Fiscal Year 2024 Medicare Inpatient Psychiatric Facility Prospective Payment System and Quality Reporting Final Rule highlights:

• Overall 2024 rate increase will be 3.3% but this is reduced by about 1% to account for the increase in outlier payments to be expected.  Therefore, the net increase is 2.3%, but if you get Medicare outlier payments they will be 2% of total payments.
• Labor related share component of the payment is now at 78.7%
• As of 10/1/2023 new IPF’s will not have to wait until the beginning of the next Medicare year to start receiving the IPF payment methodology. The CMS Regional Office and the MAC need at least 30 days written notice. 
• Inpatient  Psychiatric Facility Quality Reporting (IPFQR) – No change here, those facilities that do not report their quality measures will continue to receive a 2% reduction of all payments.

Read the entire fact sheet here: Fiscal Year 2024 Medicare Inpatient Psychiatric Facility Prospective Payment System and Quality Reporting Final Rule | CMS