CMS released the fiscal year (FY) 2024 Inpatient Psychiatric Facilities (IPF) Prospective Payment System (PPS) final rule (CMS-1783-F) on July 27, 2023, which was published in the Federal Register on August 2, 2023. IPFs include psychiatric hospitals and psychiatric units of acute care hospitals or critical access hospitals. The FY 2024 IPF PPS final rule describes updates to IPF rates and payment adjustments and the IPF Quality Reporting Program. This final rule rebases and revises the IPF PPS market basket to reflect a 2021 base year and makes other changes affecting IPF PPS rates. The final IPF payment rate update for FY 2024 is 3.3 percent compared to 3.0 percent estimate for proposed rule. This rule also finalizes a proposal to make it easier for hospitals to open new excluded psychiatric units paid under the IPF PPS. These changes are effective for IPF discharges occurring October 1, 2023, through September 30, 2024 (FY 2024).