A new bill has been introduced in Congress to prevent a significant Medicare payment cut scheduled for January 1. The proposal, which is described as bipartisan, aims to avert the reduction and introduce an increase equivalent to half of the Medicare Economic Index. This measure aligns with recommendations from the Medicare Payment Advisory Commission.

The bill follows a recent "Dear Colleague" letter that called for legislative action to address the impending cut and update payments in response to inflationary pressures. The letter received support from 233 members, indicating strong bipartisan backing.

Representatives Greg Murphy, R-N.C., and Jimmy Panetta, D-Calif., are leading the effort alongside several cosponsors. They acknowledge the limited number of legislative days left in the year but emphasize their commitment to resolving issues related to Medicare.

The statement accompanying the bill highlights concerns over declining Medicare payment rates, which have reportedly fallen by 29 percent over two decades when adjusted for practice costs. This decline is seen as a threat to patient access and practice viability.

The sponsors urge Congress to take rational steps similar to those made in medical decision-making processes, emphasizing the need for immediate action to strengthen Medicare's condition.