On December 2, 2020, the Centers for Medicare and Medicaid Services (CMS) published a Final Rule titled, “Modernizing and Clarifying the Physician Self-Referral Regulations,” that makes a number of modifications to the regulations around the Physician Self-Referral "Stark" Law. MGMA's Government Affairs office has closely monitored the new rule and has published advocacy letters and statements describing how the new rule will affect MGMA members. In Part 1 of this two-part installment of Executive Session, Tim Smith, CPA, ABV, principal in TS Healthcare Consulting. a consulting firm that focuses on valuing healthcare organizations and providing guidance on related federal regulations, including Stark, outlines the changes and what he sees regarding the new to "identify, quantify and justify" practice losses through the new framework for commercial reasonableness and fair market value for physician compensation arrangements. Part 2 will be available Monday, Feb. 22, at www.mgma.com/starkpodcast2. Producer: Chris Harrop, senior editorial manager, MGMA Intro/outro: "Street Walk," Paolo Pavan (CC BY-NC-SA 4.0).