On July 14, 2025, the Centers for Medicare & Medicaid Services (CMS) issued the CY2026 Medicare Physician Fee Schedule proposed rule which includes updates to physician payment policies, the Quality Payment Program (QPP), and the Medicare Shared Savings Program. AOA’s strong advocacy secured enactment of legislation that includes a positive 2.5% increase to the 2026 conversion factor (CF), and successfully defended the .75% and .25% positive increase to the CF that was included in MACRA, which takes effect in 2026, from being repealed. Key takeaways include the following