Medicare increasing the reimbursement rate will encourage more innovative delivery methods for the provision of COVID-19 vaccinations to underserved populations. This increase will encourage more investment in these vaccination efforts. We continue to advise clinical and ancillary providers as they create partnerships and collaborative relationships to address the gaps in care exposed by this crisis. I believe these types of efforts, in conjunction with the overall drive towards value based care, will inform the future of healthcare in the United States.
On March 15, 2021, CMS is updating the Medicare payment rates for COVID-19 vaccine administration. Effective for services furnished on or after March 15, 2021, the new Medicare payment rate for administering a COVID-19 vaccine will be approximately $40 to administer each dose of a COVID-19 vaccine. This means that starting on March 15, 2021, for single dose COVID-19 vaccines, Medicare will pay approximately $40 for its administration. Starting on March 15, 2021, for COVID-19 vaccines requiring multiple doses, Medicare will pay approximately $40 for each dose in the series. This rate reflects updated information about the costs involved in administering the COVID-19 vaccine for different types of providers and suppliers, and the additional resources necessary to ensure the vaccine is administered safely and appropriately. The rate will be geographically adjusted based on where the service is furnished.