On July 14, 2026, the CMS released its proposed MPFS for CY 2027. According to CMS Administrator Dr. Mehmet Oz, the proposed rule reflects “some of the most significant Medicare reforms in recent years to strengthen primary care, expand accountable care, and modernize physician payment.” This article discusses the CY 2027 MPFS proposed rule’s payment update and significant policy proposals. On July 14, 2026, the Centers for Medicare and Medicaid Services (CMS) released its proposed Medicare Physician Fee Schedule (MPFS) for calendar year (CY) 2027.[1] The proposed rule would decrease both statutory conversion factors used to calculate physician payment, reversing…