CMS Issues Proposed Rule for Calendar Year 2026 Medicare Physician Fee Schedule (PFS)

CMS issued the CY 2026 PFS proposed rule on July 14, 2025, and is seeking public comments on updates to Medicare payment policies for physicians. The proposed rule includes a mandatory 2.50 % statutory increase in the PFS conversion factor for 2026, plus an additional 0.55 % adjustment tied to changes in work RVUs for certain services. As a result, the conversion factor for qualifying APM participants would rise to $33.59 (+3.83 %) and to $33.42 (+3.62 %) for non‑qualifying participants, up from $32.35. The rule also proposes annual updates to geographic practice cost indices (GPCIs) and malpractice RVUs, in accordance with statutory requirements. CMS is now accepting feedback on these planned payment adjustments and policy revisions under the CY 2026 PFS proposed rule.

Source: https://www.cms.gov/newsroom/fact-sheets/calendar-year-cy-2026-medicare-physician-fee-schedule-pfs-proposed-rule-cms-1832-p