This week, the Centers for Medicare & Medicaid Services (CMS) released details on the much-anticipated new version of the Bundled Payments for Care Improvement (BPCI) payment model, which will be known as BPCI Advanced. Like the original BPCI model, BPCI Advanced will be a voluntary model, and prospective participants must apply and be accepted by CMS to participate in the model. The Request for Applications (RFA) released by CMS lays out the timeline for applications and enrollment and offers information on how CMS will structure the new model, including the list of 32 available clinical episodes, details on how shared savings or losses will be calculated, and other requirements that participants will need to meet.