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From Medscape Today News:
September 12, 2012 — A looming 2% cut in Medicare reimbursement triggered by the failure of Congress to forge a deficit-reduction plan will wipe out 767,000 jobs across the economy through 2021, according to a new studyreleased today by the American Medical Association (AMA) and 2 other groups.
The cut, which will affect physicians, hospitals, and other providers, but leave enrollee benefits untouched, is scheduled to take effect January 1, 2013, unless Congress acts to nullify it. The AMA and 124 other medical societies urged lawmakers in a letter today to spare physicians this 2% reduction as well as a 27% pay cut next year that is mandated by Medicare’s sustainable growth rate formula.
Read more: Automatic 2% Medicare Cut Will Cost 767,000 Jobs, Study Says.