CMS Releases Final 2027 Medicare Physician Fee Schedule Rule

The Centers for Medicare & Medicaid Services (CMS) released the 2027 Medicare Physician Fee Schedule Final Rule on November 4, outlining changes that will affect physician reimbursement, practice expenses, quality reporting, and Medicare payment policies beginning January 1, 2027.

According to the American Medical Association (AMA), the final rule largely follows CMS's original proposals, with several notable modifications following physician advocacy.

Among the key changes, physicians face a net Medicare payment reduction in 2027 absent congressional action. CMS also scaled back its proposed payment reductions for certain services billed with Modifier -25, finalized changes to the practice expense payment methodology, and delayed proposed restrictions on remote patient monitoring services. Other provisions address revised maternity care CPT codes, MIPS reporting requirements, and Advanced Alternative Payment Model participation.

The final rule spans nearly 2,500 pages. The AMA is continuing its review and will release a more detailed analysis in the coming days.

Read the AMA's preliminary review: 2027 Medicare Physician Fee Schedule: Final Rule Summary

FSR will continue to share important Medicare policy and reimbursement updates as additional information becomes available.