The proposed figures Copy link
CMS published the proposals in the CY2027 PFS proposed rule. They would apply to dates of service from January 1, 2027, if finalized.
| Conversion factor | 2026 (in effect) | 2027 (proposed) | Change |
|---|---|---|---|
| Qualifying APM participants (QP) | $33.57 | $33.17 | −1.19% |
| All other clinicians (non-QP) | $33.40 | $32.84 | −1.68% |
Why the proposed figures are lower Copy link
Three inputs move the 2027 figures. The temporary 2.5% statutory increase built into the 2026 conversion factor applies only to 2026 and falls away under current law. MACRA’s annual updates add 0.75% for QPs and 0.25% for everyone else, the same split that created two conversion factors in 2026. And CMS estimates a 0.53% budget-neutrality adjustment. The 2027 changes page lists the other proposals in the same rule.
What the change does to a real amount Copy link
The conversion factor multiplies every code’s geographically adjusted RVUs, so on its own a 1.68% lower non-QP figure lowers every non-QP amount by 1.68%. CPT 99213’s Q4 2026 national office (non-facility) amount of $95.19 would become about $93.59. Read that as the conversion factor’s share of the change, not as a 2027 rate: RVUs, GPCIs and payment policy change in the same rule, and any of them can move a code further in either direction.
When the final figures arrive Copy link
The CY2027 final rule is expected around November 2026. The final rule can keep, change or drop any proposal, including these figures. The 2027 relative value files follow it, and the amounts on our code pages change on January 1, 2027, the day the new release takes effect, not the day CMS posts it. This page will carry the final figures once CMS publishes them.
Conversion factor change calculator Copy link
Enter a 2026 Physician Fee Schedule amount and choose QP or non-QP. The result applies only the proposed conversion factor change: for CPT 99213’s Q4 2026 national office amount of $95.19 (non-QP), a 1.68% lower conversion factor gives about $93.59. RVU, GPCI and policy changes in the same rule will move real 2027 amounts further.
- With the proposed CF only
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- Change
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Proposed figures from the CY2027 proposed rule; the final rule can change them. Not a 2027 rate.
Frequently asked Copy link
What is the 2027 Medicare conversion factor?
CMS has proposed $32.84 for most clinicians and $33.17 for qualifying APM participants (QPs). These are proposed figures from the CY2027 proposed rule; the final rule can change them.
Is the 2027 conversion factor final?
No. The figures are proposals. The final rule is expected around November 2026, and the final conversion factors apply to dates of service from January 1, 2027.
Why is the proposed 2027 conversion factor lower than 2026?
Mainly because a temporary 2.5% statutory increase applies only to 2026. The proposed figures also include MACRA’s 0.75% (QP) and 0.25% (non-QP) updates and an estimated 0.53% budget-neutrality adjustment.
Will every code pay 1.68% less in 2027?
No. The conversion factor is one input. A code’s 2027 amount also depends on its RVUs, the GPCIs for its locality, and other payment policies in the final rule.
Sources Copy link
- CMS CY 2027 Physician Fee Schedule proposed rule and supporting files
- CMS CY 2027 Physician Fee Schedule proposed rule fact sheet
- CMS Physician Fee Schedule Final Rule (annual)
Written from primary CMS sources—see how we source, compute, and verify everything on this site.
- CMS proposed a CY2027 conversion factor of $33.17 for qualifying APM participants, down 1.19% from $33.57, and $32.84 for other clinicians, down 1.68% from $33.40. —CMS CY 2027 Physician Fee Schedule proposed rule fact sheet
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