The 2026 Physician Fee Schedule finalized the Ambulatory Specialty Model (ASM), a new value-based care model through the Centers for Medicare & Medicaid (CMS) Innovation Center (CMMI). The mandatory model aims at improving the prevention and management of chronic disease, specifically heart failure and low back pain. Modeled on the Merit-Based Incentive Payment System (MIPS) Value Pathway (MVP) framework, ASM will require participating providers to submit performance measures related to cost, quality, improvement activities, and Promoting Interoperability and will receive payment adjustments (positive
or negative) based on how their final score compares to those in their cohort.