Current conversion factor — Q4 2026 release
- Standard (non-QP)
- $33.4009
- Qualifying APM participant (QP)
- $33.5675
From the Q4 2026 PFS release as CMS published it, in dollars per geographically adjusted RVU.
Where it sits in the math Copy link
Each RVU component is multiplied by its GPCI, the three terms are summed, and the total is multiplied by the conversion factor. Every code shares the same multiplier, so a change to the conversion factor moves every payable rate by the same percentage.
Why it changes Copy link
CMS sets the conversion factor each year in the PFS final rule. The statutory update is one input. A budget-neutrality adjustment is another: it offsets RVU changes that would otherwise raise or lower total spending. Congress has also legislated temporary one-year increases. Because the conversion factor moves the whole fee schedule, a year-over-year rate change often traces back to it rather than to the code’s own RVUs.
CY2026: two conversion factors, not one Copy link
MACRA set two different annual updates starting in CY2026: 0.75% for qualifying APM participants (QPs) and 0.25% for everyone else. The result is two conversion factors applied to identical RVUs. See the 2026 conversion factor guide for what that means for a specific rate.
Frequently asked Copy link
Is there one conversion factor or many?
Through CY2025 the Physician Fee Schedule had a single national conversion factor for most services (anesthesia has its own). From CY2026 there are two national figures, QP and non-QP. Geographic variation still comes from the GPCIs, not the conversion factor.
Why did a rate change even though the RVUs did not?
Most likely the conversion factor changed between releases. For a local amount, the locality's GPCIs may have changed too. From CY2026 on, the QP and non-QP conversion factors also produce different amounts from the same RVUs.
Sources Copy link
Written from primary CMS sources—see how we source, compute, and verify everything on this site.
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