CMS just dropped the CY 2027 Physician Fee Schedule proposed rule. At 1,592 pages, it is one of the most consequential rulemakings in years for independent physician practices, and almost none of the headlines are capturing what is actually at stake. The long and short of it is that Congress let the 2.5% conversion factor fix expire, so non-APM physicians are looking at a -1.68% cut on January 1. That alone would hurt. Buried in this rule are structural changes that compound the damage in ways that will outlast any year-end patch. This week I am walking through what matters most for independent practices: Tuesday: The conversion factor cut and what Congress has to do about it before year-end. Wednesday: The proposal to slash payment 50% when you bill an E/M and a procedure on the same day, and why we beat this back in 2019 and can do it again. Plus, the new JAMA data showing how much uncompensated post-op work physicians are already doing that CMS is not counting. Thursday: The two biggest structural threats buried deeper in the rule. A complete overhaul of how practice expense RVUs are calculated, and a comment solicitation that could let CMS define "employed" vs. "independent" in ways that devastate facility-based independent practices in 2028. Friday: Fix It Friday. Specific comment asks and legislative actions with real deadlines. Comment deadline: September 14, 2026. You have eight weeks. Let's make them count.