On July 31, CMS released the Skilled Nursing Facility Prospective Payment System final rule with a finalized payment rate for Fiscal Year 2024 that was higher than proposed. CMS initially proposed a 3.7% payment update and ultimately finalized a 4.0% increase.

“The final rule released today does not address the reality of providers’ operating environments, and will, ultimately, limit older adults’ access to much-needed care and services,” said LeadingAge President and CEO Katie Smith Sloan in a press statement. “Of course, while our nonprofit and mission-driven members welcome any increase in payment rates the 4% provided in this rule will surely be offset by the increasing costs of care, which will most certainly continue to rise in the coming year — on top of the expected staffing standards. We encourage Congress and the Department of Health and Human Services to ensure any proposed standards meet the provisions outlined in LeadingAge’s Get Real on Ratios proposal.”

In addition to the payment rate update, CMS in the final rule finalized adoption of the COVID vaccine measure for residents and modification of the COVID vaccine for staff, despite opposition to both. Most other provisions of the rule were finalized as proposed, with the notable exception that CMS did not finalize adoption of the CoreQ SS Discharge measure for SNF QRP.  Read the CMS Fact Sheet for this rule here. LeadingAge’s full analysis of the final rule is here.