The Centers for Medicare and Medicaid Services (CMS) released a new Center for Medicaid and CHIP Services Informational Bulletin that provides states guidance on how to temporarily modify Medicaid managed care contracts to address the impact of the COVID-19 public health emergency. The guidance provides several options that states can consider adjusting provider payment methodologies and capitation rates within Medicaid managed care contracts while preserving systems of care and access to services for Medicaid beneficiaries.