CMS Releases Proposed CY26 PFS
On July 14, 2025, the Centers for Medicare and Medicaid Services (CMS) published the CY 2026 Physician Fee Schedule (PFS) proposed rule, marking the first time in five years that physician fees may increase. The agency proposes a 3.8 percent bump for clinicians in Advanced Payment Models (APMs) and 3.3 percent for others, reversing years of stagnant or declining reimbursements. However, this positive update is tempered by a –2.5 percent efficiency adjustment targeting most non–time‑based service codes. CMS also seeks to streamline adding services to the Medicare Telehealth Services List, building on COVID-era flexibilities—especially for follow-up and nursing‑home care—to improve access and continuity.
Public comments on the proposal are open through September 12, 2025, and a final rule is expected by early November.