The Centers for Medicare and Medicaid Services (“CMS”) recently sent the proposed regulations regarding Accountable Care Organizations (“ACOs”) to the Office of Management and Budget for final review, which means that the regulations will be released any day. In anticipation of their arrival, it is time to revisit some key facts you should know about ACOs and explore some of the lingering questions that the regulations may answer. Although providers are anxious to get an ACO up and running, it has been impossible to know what an ACO should look like or how it should operate without further guidance from CMS addressing the multitude of unresolved administrative and legal issues. Many are hopeful that the soon-to-be released regulations will provide answers and clarity on these issues and as a result, allow the process of forming ACOs to begin.