The Centers for Medicare & Medicaid Services (CMS) released a final rule with comment period in November that revises payment polices under the Medicare Physician Fee Schedule (PFS) and makes other policy changes related to Medicare Part B payment. Unless otherwise noted, these proposed changes are applicable to services furnished in Calendar Year 2015 (CY15). The rule also includes finalized proposals associated with PFS payments, including the Physician Quality Reporting System (PQRS), the Medicare Shared Savings Program (MSSP), updates to the Physician Compare website, and the Electronic Health Record (EHR) Incentive Program. The rule also discusses updates to the physician value-based payment modifier (value modifier), created by the Affordable Care Act (ACA), which will affect payments to certain physician groups based on the quality and cost of care they furnish to beneficiaries enrolled in the Medicare fee-for-service program, and the Physician Feedback Program. Any changes in payment rate discussed in this summary do not incorporate the impact of sequestration resulting from the Budget Control Act of 2011.