The Centers for Medicare & Medicaid Services (CMS) has released a proposed rule that is proposing to rebase and revise the SNF market basket for 2014 and subsequent years to reflect more recent data.
The current SNF market basket reflects data from 2004 and CMS is proposing to revise and update the SNF market basket using data from 2010. In addition, CMS is proposing to make changes to the components of the SNF market basket index by adding five cost categories for a total of 29 cost categories and revising several price proxies.
Here are the definitions of some of the terms we often here when discussing this proposal:
SNF Market Basket Index: The mix of goods and services needed to produce SNF care and denote the input price index that includes weights and price factors. Price factor include routine costs, costs of ancillary services, and capital-related costs
Revising: Change of data source
Rebasing: Shifting of base year
Read the proposed rule here. Comments must be received by 5 p.m. on July 1, 2013.