CMS is changing its payment methodology to encourage higher throughput of COVID-19 diagnostic testing. Previously, CMS would reimburse $100 per test
Starting January 1, 2021, Medicare will pay lower the base rate to $75. However, if the laboratory can complete the test within two (2) calendar days from the date the specimens is collected, CMS will reimburse an additional $25 for a total of $100 per test.
To be entitled to this $25 incentive, the laboratory must: a) complete the test in two calendar days or less, and b) complete the majority of their COVID-19 diagnostic tests that use high throughput technology in two calendar days or less for all of their patients (not just their Medicare patients) in the previous month.
Source: Press release: CMS Changes Medicare Payment to Support Faster COVID-19 Diagnostic Testing