Medicare Competitive Bid Program saves beneficiaries 42% in co-insurance payments vs fee-schedules
WASHINGTON – A new competitive bidding pilot program {which was started again in January 2011 after the first study, orignally begun in 2007, was teminated by Congress_Bill_USA} that replaces Medicare fee schedules for durable medical equipment — such as wheelchairs, oxygen tanks or diabetic test strips — has saved Medicare $202 million in its first year, according to a report released Wednesday by the government.
A report shows a program that replaces Medicare fee schedules for durable medical equipment, such as wheelchairs, has saved Medicare $202M in its first year.
[font size="3"]
Sponsored LinksBeneficiaries also saw 42% in savings in their co-insurance payments for medical equipment under what they would have paid through the old system.[/font]
~~
~~
The program started again in January 2011 as part of the 2010 health care law, which says competitive bidding rates would be mandatory nationally by 2016.
<more>