On 12/23/11, President Obama signed the “Temporary Payroll Tax Cut Continuation Act of 2011” legislation that delayed the 27.4% Medicare pay cut for two months. As such, the Centers for Medicare and Medicaid Services (CMS) new Conversion Factor is $34.0376. Because Congress acted late to prevent the cut, claims will be held for a period of time to allow CMS and claims administrators time to develop, install and test the new payment rate files. CMS expects that most contractors will have the new rates posted to their web sites by 1/11/12 and be ready to process claims under the revised rates by 1/18/12. The agency has posted the revised relative value files on its website. Additionally, CMS has extended the 2012 annual participation enrollment period through 2/14/12.