On July 14, the Centers for Medicare & Medicaid Services (CMS) released the calendar year (CY) 2026 proposed rule for the Medicare Physician Fee Schedule (PFS) . This annual update outlines changes to physician payment rates, policy refinements and adjustments to programs that affect healthcare providers nationwide. If finalized, the proposed updates will take effect for services provided on or after Jan. 1, 2026.  The rule introduces appreciable revisions that impact payment methodology, practice expense allocations and data sources used for setting reimbursement rates. Below are the most critical takeaways for healthcare providers and stakeholders.  Key proposed changes to the CY 2026 Medicare PFS proposed rule  CMS’s proposed changes address several major policy areas, including:  payment rate updates;  Relative Value Unit (RVU) updates;  GPCI updates;  Rural Health Clinics and Federally Qualified Health Centers;  Ambulatory Specialty Model...