2027 CMS Physician Fee Schedule Proposal: Expanding Accountable Care Incentives While Continuing Physician Payment Recalibration

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2027 CMS Physician Fee Schedule Proposal: Expanding Accountable Care Incentives While Continuing Physician Payment Recalibration

Equity Research

15 July 2026 | 10:31AM EDT

AMERICAS HEALTHCARE SERVICES: PROVIDERS

2027 CMS Physician Fee Schedule Proposal: Expanding Accountable

Care Incentives While Continuing Physician Payment Recalibration

On July 14, 2026, CMS released the CY2027 Medicare Physician Fee Schedule (PFS) Scott Fidel

+1(212)902-7304 | scott.fidel@gs.com

proposed rule, which advances several themes that have emerged across the Goldman Sachs & Co. LLC

agency’s recent rulemaking, including a continued shift toward value-based Sarah Conrad

reimbursement, evolving incentives for accountable care participation, and efforts to +1(212)357-2448sarah.conrad@gs.com|

align payment with underlying resource utilization. The proposed rule includes Goldman Sachs & Co. LLC

Valentine Vlasovchanges to physician reimbursement, Medicare Shared Savings Program (MSSP) +1(212)934-0210 |

economics, and Medicare quality reporting programs, while also introducing several valentine.vlasov@gs.comGoldman Sachs & Co. LLC

payment policy revisions aimed at promoting longitudinal care management and

preventive care (link, link, link).

Within physician payment, CMS proposed CY2027 conversion factors of $32.84, and

$33.17 for qualifying APM participants, reflecting declines versus CY2026 following

the expiration of the temporary 2.5% physician payment increase. At the same time,

CMS proposed a number of reimbursement methodology changes, including

transitioning the G2211 add-on payment to a modifier-based structure, creating an

enhanced reimbursement modifier for qualifying MSSP and LEAD model ACO

participants, reducing payment for certain same-day E/M and procedural services,