The Centers for Medicare & Medicaid Services (CMS) has released the proposed rules for the Calendar Year 2026 Medicare Physician Fee Schedule. The draft regulation includes a 3.6% pay bump for physicians, alongside efforts to reduce waste and enhance chronic disease management. Notably, the proposal also targets skin substitute spending, leading to significant stock declines for companies like MiMedx and Organogenesis. Provider associations have generally responded positively to the proposed payment updates aimed at improving prevention and wellness in healthcare.