Patient Access to Innovative New Technologies Act of 2024

This bill allows Medicare to provide special payments for certain new medical devices (called "breakthrough devices") that have FDA approval but missed the standard deadline for Medicare coverage. It creates a conditional approval pathway: if a breakthrough device gets FDA clearance by July 1 of a fiscal year, hospitals can receive the special payment starting the next quarter. "Breakthrough devices" are defined as those designated for expedited FDA review under specific regulations. This directly affects hospitals billing Medicare and patients seeking access to newly approved medical technologies.