CMS put the CY 2027 conversion factor at $33.17 for qualifying APM participants and $32.84 for everyone else — cuts of 1.19% and 1.68%. Most of that drop isn't a new policy decision, it's a one-year 2.50% increase from CY 2026 expiring on schedule. Two hosts walk through what the proposed rule actually changes for psychiatric practice, which of the three shifts reaches your reimbursement first, and how to read a conversion factor cut without panicking about it. Full breakdown: https://psychnpfellowship.com/medicare-2027-pfs-proposed-rule-pmhnp/