CMS has announced increased payment rates for administering the COVID-19 vaccines.
“This new and higher payment rate will support important actions taken by providers that are designed to increase the number of vaccines they can furnish each day, including establishing new or growing existing vaccination sites, conducting patient outreach and education, and hiring additional staff,” CMS said in a statement.
Effective for COVID-19 vaccines administered on or after March 15, the national average payment rate for administering a single-dose vaccine goes from approximately $28 to $40, and from $45 to $80 for administering a vaccine that requires two doses.
The exact payment rate will be geographically adjusted based on where the service is furnished, CMS says.
“These updates to the Medicare payment rate for COVID-19 vaccine administration reflect new information about the costs involved in administering the vaccine for different types of providers and suppliers, and the additional resources necessary to ensure the vaccine is administered safely and appropriately,” CMS says.
Providers seeking to administer the vaccine will want to start by registering with their state or local health department.
See CMS guidance on billing and coding for COVID-19 vaccine distribution.
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