Timely updates to direct costs used to calculate practice expense RVUs

Section 1848(c)(2)(B) of the Social Security Act (42 U.S.C. 1395w–4(c)(2)(B)), as amended by section 3, is further amended by adding at the end the following new clause: (viii) Timely updates to direct costs used to calculate practice expense relative value units (I) Simultaneous updates to direct cost inputs at least once every 5 years The Secretary shall, not less often than every 5 years, update the prices and rates, as applicable, on a category-wide basis for each of the categories of direct cost inputs described in subclause (II) used in the methodology for calculating the practice expense relative value units under this subsection for physicians’ services. Updates made pursuant to the previous sentence shall be made in the same year for all categories of direct cost inputs described in such subclause. (II) Direct cost inputs categories described For purposes of this clause, the categories of direct cost inputs described in this subclause are clinical staff wage rates, prices of medical supplies, prices of equipment, and any other category of such inputs used in the methodology described in subclause (I) (as specified by the Secretary). (III) Consultation In making the updates under this clause, the Secretary shall consult with relevant stakeholders, including physician specialty societies..