On July 7, the Centers for Medicare & Medicaid Services (CMS) released the 2023 version of its annual regulation proposing new payment policies and quality programs for Medicare physicians and other providers. The heavily anticipated rule is a whopping 2,066 pages long and includes numerous provisions that will impact physician groups next year. Given the length and complexity of the rule, it requires a detailed reading and analysis to fully understand the impacts to any individual physician group or healthcare organization. However, for those who have better things to do this summer than read 2,000-plus pages of CMS rules, here is my quick guide for What You Need to Know about CMS’s 2023 Proposed Medicare Physician Payment Rule: It is important to note that this is a proposed rule open for public comment, not a final rule. Similar to last year, physician trade and advocacy associations are already lobbying Congress to reverse the proposed reduction in the conversion factor. Other policies, including the proposed ACO changes, have been welcomed by most physician groups. Following the close of the public comment period, CMS will issue a final rule in October or November ahead of a January 1, 2023, implementation date for the rule’s policies.