On November 6th, the American people went to the polls to select a President, all 435 Members of Congress and 1/3 of the United States Senate. The size of the Democratic majority in the Senate will be a bit higher and the size of the GOP majority in the House will be slightly smaller when the new Congress convenes in January, but neither change will be sufficient to dramatically change the political dynamics in Washington.
But before we even get to the swearing-in of the 113th Congress, the 112th Congress needs to finish up business it left unfinished when they adjourned in September. Namely:
• What to do about the pending 26.5 Physician Fee Schedule cut?
• What to do about the pending cuts in federal spending as a result of sequestration?
• What to do about the expiring tax cuts?
• What to do about the pending expiration of the payroll tax cut?
• What to do about the pending expiration of unemployment benefits?
Collectively, these issues make-up what is now being called the “fiscal cliff”. As of the date of this eNews, there was no credible information in terms of a final outcome on any of these issues.
Last year, it was December 23rd before they agreed to a temporary SGR fix. Providers then had to hold claims for 10 days while CMS implemented the new fee schedule in their system. As credible news breaks on any of these subjects, we will report it to you immediately.
Kirk Reinitz, CPA