On August 1, the Centers for Medicare & Medicaid Services (CMS) released the Fiscal Year 2025 Hospital Inpatient Prospective Payment System (IPPS) final rule, which finalizes payment policies effective October 1, 2025. In addition, this rule finalizes policies for the mandatory Transforming Episode Accountability Model (TEAM), which will begin in January 2026. AAPM&R submitted detailed comments to CMS in May regarding the TEAM proposals. We are currently analyzing the finalized policies and will provide additional information in the coming weeks as well as member education leading up to the 2026 implementation date. For additional information, please see the CMS TEAM fact sheet as well as the CMS IPPS fact sheet. Members with questions about TEAM or IPPS can contact healthpolicy@aapmr.org.