On July 13, 2023, CMS placed on public display a proposed rule relating to the Medicare physician fee schedule (PFS) for CY 2024 and other revisions to Medicare Part B policies. The proposed rule was published in the August 7, 2023, issue of the Federal Register. If finalized, policies in the proposed rule generally would take effect on January 1, 2024. The 60-day comment period ended at close of business on September 11, 2023. HFMA is providing a summary in three parts. Part I covers sections I through III.S (except for Section G: Medicare Shared Savings Program Requirements) and the Regulatory Impact Analysis. Part II will cover the Medicare Shared Savings Program requirements. Part III will cover the updates to the Quality Payment Program. Part II includes proposals related to the Medicare Shared Savings Program. These are designed to strengthen financial incentives for long-term participation and further Medicare’s overall value-based care strategy of growth, alignment, and equity. The proposed policies in this proposed rule are incremental refinements to the broader changes CMS finalized in the 2023 PFS final rule (87 FR 69777 through 69968).