AMGA Statement on 2026 CMS Final Physician Fee Schedule Rule

Alexandria, VA - AMGA today issued a statement in response to the Centers for Medicare & Medicaid Services (CMS) Calendar Year 2026 Physician Fee Schedule (PFS) final rule.

“While we appreciate the modest payment increase finalized by CMS for 2026, this temporary relief does not address the fundamental structural problems plaguing Medicare physician reimbursement," said Jerry Penso, MD, MBA, president and chief executive officer of AMGA. “The conversion factor increase, driven by a one-time congressional intervention, provides a short-term reprieve, but the underlying erosion of physician payment continues to threaten access to care and the viability of high-value, team-based medicine.”

The finalized conversion factors of $33.57 for qualifying Alternative Payment Model (APM) participants and $33.40 for non-qualifying APM participants represent increases over 2025 levels, but AMGA remains concerned that relying on annual legislative patches fails to provide the payment stability necessary for medical groups to invest in care transformation.

“Short-term fixes only postpone thoughtful, meaningful efforts to add predictability and stability into the Medicare system,” Dr. Penso said. “We need comprehensive reform that includes annual inflation updates, stronger incentives for high-value care, and the alignment of payments with actual practice costs.”

AMGA called on CMS and Congress to work together on comprehensive payment reform that ensures Medicare physician reimbursement keeps pace with inflation and practice costs.

“Our members are committed to delivering the next level of high-performance health,” Dr. Penso added. “But we need a payment system that supports rather than undermines that mission. The time for fundamental reform is now.” 

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About AMGA

AMGA is a trade association leading the transformation of healthcare in America. Representing multispecialty medical groups and integrated systems of care, we advocate, educate, innovate, and empower our members to deliver the next level of high performance health. AMGA is the national voice promoting awareness of our members’ recognized excellence in the delivery of coordinated, high-quality, high-value care. More than 175,000 physicians practice in our member organizations, delivering care to one in three Americans.