Fulcrum Research

From a national estimate to a practice-specific forecast.

Fulcrum reconstructs how a Medicare fee-schedule update changes payment, then applies that logic to the services a practice actually delivers. The national specialty estimate is context. CPT mix, locality, sites of service, and contract language determine the practice result.

Prepared by Fulcrum ResearchUpdated September 30, 2026

The distinction

Two related analyses. Two different answers.

01

Specialty reconstruction

Reconstruct proposed changes in RVU-based allowed charges using CMS utilization and payment-policy inputs. These published specialty figures exclude the separate conversion-factor adjustment.

02

Practice forecast

Reprice the practice's own claim lines using the applicable conversion factor, locality, site of service, provider credentials, and modifiers. Follow the result through each commercial contract's terms.

How the model works

Four steps from source files to financial impact.

01

Establish the baseline

Start with CMS utilization, payment files, the current fee schedule, and the published specialty estimate.

02

Reprice the services

For the national RVU-based comparison, hold the conversion factor constant and apply proposed RVUs and payment policies by code and site of service. Apply the appropriate conversion factor separately in a practice forecast.

03

Hold utilization constant

Use the same service volume on both sides so the result isolates the rule change rather than a change in clinical activity.

04

Aggregate and reconcile

Roll code-level changes into service categories and specialties, then compare the reconstruction with CMS's published estimates and available provider-level forecasts.

Practice-specific inputs

The forecast becomes yours when the utilization does.

For a practice analysis, Fulcrum replaces the national utilization basis with the organization's own data and follows the Medicare update through the contracts tied to Medicare logic.

Scenarios and validation

Make the assumptions visible.

Compare proposed policies individually or in combined scenarios, with each revenue shift tied to its source and regulatory status. Commercial forecasts follow the contract’s reference year and update timing; a Medicare change does not automatically reprice every agreement.

Fulcrum tests forecasts against prior Medicare rules and CMS reference forecasts. Contract terms extracted through OCR are reviewed by a human and checked against payer-published rates. Sources and assumptions stay attached to the analysis so the result can be reviewed.

Interpretation and limits

What the figures do and do not mean.

Proposed is not final. Proposed-rule figures may change before the final rule takes effect.

Conversion factors are separate. CMS proposes a 1.68% reduction for non-qualifying APM participants and a 1.19% reduction for qualifying participants. The specialty percentages shown on this site exclude these adjustments; a practice forecast applies the relevant factor separately.

National estimates simplify geography. Fulcrum's national specialty reconstruction uses CMS's published utilization basis and geographic indices of 1.0 unless stated otherwise.

Utilization is held fixed. The model isolates payment-policy effects. It does not predict changes in volume, coding behavior, or clinical mix.

Commercial impact depends on the contract. Medicare-linked rates move according to each agreement's language, timing, and fee-schedule reference.

The output is an analytical estimate. It is not a payment guarantee or a substitute for legal or contractual interpretation.

Primary sources

Start with CMS.

CMS-1848-PCY 2027 Medicare Physician Fee Schedule proposed ruleCMS fact sheetSummary of the proposed payment and policy changes

Your practice

See where your own service mix lands.

Start with a claims export and your contract set. Fulcrum Light forecasts Medicare and commercial impact without an EMR integration.

Request an analysis →