A system and method for cutting tissue within a synovial cavity, which includes a cannula and a blade assembly. The cannula can define an internal lumen and a cutting port for accessing the internal lumen. The blade assembly can include a blade and a blade shaft extending from the blade. The blade can be inserted into the internal lumen of the cannula through an access port of the cannula such that the blade is proximal the cutting port. The blade shaft can be operated to move the blade within the internal lumen relative to the cutting port between a retracted position and a deployed position. The blade can be received within the internal lumen in the retracted position and positioned, at least partially, within the cutting port in the deployed position.
