This article describes Medicare's Transforming Episode Accountability Model (TEAM), a bundled payment approach running 2026 to 2030 that introduces episode-level accountability for surgical cost and outcomes, replacing fee-for-service for discrete activities. The authors state that anesthesiologist reimbursement is included within the bundle and that anesthesiologists' perioperative decision-making can strongly influence hospital performance under TEAM's risk-sharing arrangements. The article discusses expanded roles for anesthesiologists in preventing complications and optimizing perioperative care, and the growing need to define, measure, and report outcomes reflecting their contribution to recovery and resource utilization.