Physician Fee Schedule

Physician Fee Schedule: CY 2026 Final Rule – Learn What's New

CMS issued the CY 2026 Physician Fee Schedule (PFS) final rule that announces final policy changes for Medicare payments under the PFS and other Medicare Part B issues.

See a summary of key provisions effective on or after January 1, 2026.

On March 9, 2024, President Biden signed the Consolidated Appropriations Act, 2024, which included a 2.93 percent update to the CY 2024 Physician Fee Schedule (PFS) Conversion Factor (CF) for dates of service March 9 through December 31, 2024. This replaces the 1.25 percent update provided by the Consolidated Appropriations Act, 2023, therefore the CY 2024 CF for dates of service January 1 through March 8, 2024 is $32.74. CMS has implemented the new legislation by adjusting the CY 2023 CF of $33.07 by 2.93 percent and the budget neutrality adjustment for a CY 2024 CF of $33.29 for dates of service March 9 through December 31. CMS is also releasing updated payment files, including the MPFS and associated abstract files, the Ambulatory Surgical Center (ASC) FS, and Anesthesia file.

The PFS is the primary method of payment for enrolled health care providers. Medicare uses the PFS when paying:

Professional services of physicians and other health care providers in private practice
Services covered incident to physicians’ services (other than certain drugs covered as incident to services)
Diagnostic tests (other than clinical laboratory tests)
Radiology services

Care Management

For a one-stop resource focused on new Care Management services under the Physician Fee Schedule, such as chronic care management and transitional care management services, visit the Care Management webpage.

Physician Center

For a one-stop resource focused on Medicare Fee-for-Service (FFS) physicians, visit the Physician Center webpage.

Physician Fee Schedule