Economics
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On July 14, 2026, the Centers for Medicare & Medicaid Services (CMS) issued the proposed rule for the Medicare Physician Fee Schedule (MPFS) for Calendar Year (CY) 2027.
Conversion Factor Decrease
For 2027, there will be two conversion factors: one for participants in an advanced payment model (APM) and one for those not participating.
- Qualifying APM conversion factor, a decrease of $0.40 (-1.19 percent) from the CY 2026 CF to equal $33.1693.
- Non-qualifying APM conversion factor, a decrease of $0.56 (-1.68 percent) from the CY 2026 CF to equal $32.8409.
Charges by Specialty
CMS estimates a positive overall payment impact for interventional radiology, though the effect varies across facility and nonfacility settings.
Total RVU impact = 3%
Nonfacility RVU impact = 5%
Facility RVU impact = 1%
Efficiency Adjustments
CMS proposes continuing to apply the efficiency adjustment to all non-time-based services. CMS also proposes applying the adjustment to new or revised non-time-based services when it determines the RUC-recommended values do not already reflect expected efficiency gains.
Differential Adjustment
The site of service payment differential adjustment will continue, but CMS is seeking comments related to concerns raised about independent physicians and group practices not employed by hospitals.
Practice Expense Methodology Changes
CMS proposes a multi-year update to the practice expense methodology used to calculate Medicare Physician Fee Schedule payments. The proposal would phase out reliance on outdated specialty-level survey data and move toward more objective, regularly updated cost information, while also seeking comments on specialty assignments for low-volume services, including certain radiology and vascular surgery codes.
Additional topics covered in this summary are:
- Code set valuations
- Global Surgical Packages
- Payment for Telehealth Services
- Virtual Presence of Teaching Physicians
- Request for Information: Current Procedural Terminology (CPT)
- Request for Information: Duplicate Laboratory Testing, Imaging, and Result Sharing and Interoperability
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