CMS Released the (2468 page) Final Physicians Fee Schedule this afternoon. Needless to say this is a very quick and incomplete analysis of the impact on 2027 Medicare reimbursement for psychological services.

I’d previously estimated 2027 reimbursement here. For this brief report, I am using what I tend to think of as an “index” service, the service provided most frequently by psychologists: 60 minute psychotherapy.

The relevant 2027 final Conversion Factor (CF) is set at 32.6286, a decrease of 2.31% from the 33.4009 CF in 2026. Note, this is reduced in the Final PFS from the 1.68% decrease in the proposed PFS just this past July (in response to which there were more than 40,000 public comments).

The Work component of the RVU for 60 minute psychotherapy is set at 3.94, an increase of slightly more than 4% from 2026. The is due to the fact that 2027 is the fourth and final year of a phased-in 19.1% increase in the Work component

Assuming no changes in the other [Practice Expense (PE) and Malpractice (MP) components of the RVU]–any changes in those components would likely be very small up or down–the final 2027 National Payment Amount (NPA) for 60 minute therapy is set at $168.36. That is an increase of .81% over the 2026 value of $167.

Remember, those are National Payment Amounts (NPA). Reimbursement will vary up or down by geographic location adjustments.

More to follow with a further analysis of the ten services most frequently provided by psychologists.