By Elise Viebeck - 01/31/13 08:13 PM EST
The Centers for Medicare and Medicaid Services (CMS) announced the new policy on Wednesday. Officials estimated that savings would total $25.7 billion for the Medicare Part B Trust Fund and $17.1 billion for beneficiaries over the next nine years.
"Using market-based prices set through competition will help ensure the long-term sustainability of the Medicare program," the agency said in a press memo.
AdvaMed has expressed concerns in the past about the impact of competitive bidding on patients and small device companies. The rule enacting the cost-saving program came out in 2007.