CY 2026 Physician Fee Schedule Proposed Rule Summary Part III – Quality Payment Program Updates

On July 16, 2025, CMS published in the Federal Register (90 FR 32352) a proposed rule relating to the Medicare physician fee schedule for CY 2026 and other revisions to Medicare Part B policies. If finalized, policies in the proposed rule generally would take effect on January 1, 2026. The 60-day comment period ends at close of business on September 12, 2025. HFMA is providing a summary in three parts. Part I covers sections I through III.G (except for Section II.H: Outpatient Therapy Services and Section II.F, which covers the Medicare Shared Savings Program Requirements) and the Regulatory Impact Analysis. Part II covers the Medicare Shared Savings Program Requirements. Part III covers the updates to the Quality Payment Program, including the Traditional Merit- based Incentive Payment System (MIPS), MIPS Value Pathways, and the Alternative Payment Model Incentive.