On July 14, 2025, the Centers for Medicare and Medicaid Services (CMS) released the calendar year (CY) 2026 Medicare Physician Fee Schedule (MPFS) proposed rule. This proposed rule has regulatory and reimbursement implications for outpatient physical, occupational, and speech therapy services provided in all outpatient therapy settings. Click  HERE . CMS will publish the proposed rule in the Federal Register on July 16, 2025.