August 17, 2022

Biden Signs Inflation Reduction Act of 2022

President Biden has signed the Inflation Reduction Act of 2022 (IRA) which was passed by Congress earlier in the month. The IRA is intended to reduce the federal deficit and make major investments in healthcare, domestic energy production and manufacturing and addresses tax policy and climate change.

Although the legislation does not include provisions specific to imaging, the IRA does include several healthcare-related provisions that allow the U.S. Department of Health and Human Services to negotiate prices of certain prescription drugs in Medicare, extend by three years the expanded and enhanced Affordable Care Act tax credit, and cap insulin prices in Medicare Part D.

For more information, please contact Josh Cooper, the American College of Radiology® Vice President, Congressional Affairs.