On July 13, 2021 the Centers for Medicare and Medicaid Services (CMS) released the Medicare Physician Fee Schedule (MPFS) proposed rule for calendar year (CY) 2022 that could result in potentially significant reductions to Medicare reimbursement for participating physicians. The cuts are the result of a nearly 4% proposed reduction to the MPFS conversion factor, and a proposed change to the practice expense component of physician reimbursement that makes up approximately 42% of the Medicare physician reimbursement rate.