OBJECTIVE: To analyze the utilization and reimbursement for tracheostomy. STUDY DESIGN: Retrospective Cross-Sectional Study. SETTING: Centers for Medicare & Medicaid Services (CMS) Medicare Provider Utilization and Payment Data (2013 and 2021) and Part B Medicare Fee-For-Service National Summary Data (2000-2022). METHODS: Utilization, payment, and specialty breakdown were analyzed for planned tracheostomy (Current Procedural Terminology [CPT] codes 31600, 31601, 31610) and emergency tracheostomy (CPT codes 31603, 31605). RESULTS: From 2000 to 2022, there was a 48.9% decrease (40,754-20,812) in number of planned tracheostomies and a 75.3% decrease (3277-811) in number of emergency tracheostomies, leading to an overall decrease of 51%. Similarly, there was a 59.3% inflation-adjusted decrease (3.4-.5 million) in total reimbursement for planned tracheostomies and an 82.1% inflation-adjusted decrease (.1 million-05 thousand) in total reimbursement for emergency tracheostomies. There was a 20.3% inflation-adjusted decrease (29-62) in reimbursement per planned tracheostomy and a 27.7% inflation-adjusted decrease (49-52) in reimbursement per emergency tracheostomy. In our sample of 280 high-volume tracheostomy providers in 2021 (28.2% otolaryngology, 28.2% general surgery, 14.6% thoracic surgery, 14.3% pulmonary disease, 6.4% critical care), the average provider performed 15.8 tracheostomies and was reimbursed 362. CONCLUSION: Despite significant declines in tracheostomy utilization and reimbursement, understanding trends for these lifesaving procedures are critical for otolaryngologists and other providers in delivering high-quality care, and can be used by surgeons, hospital systems, and policymakers to guide future health care legislation.