PNTG (US)

CHE’s comments on its 1Q26 earnings call this morning regarding the government’s efforts to rein in Medicare waste, fraud and abuse in hospice reinforce our prior views that program integrity, instead of the sufficiency of…

FY27 Medicare reimbursement proposal for hospices [CHE, ADUS, PNTG, EHAB, BTSG, AVAH, Gentiva, Compassus, Elara] matched our expectations, reflecting a smaller aggregate increase versus FY26 but consistent with the statutory formula. While modest upside is…

With CMS set to release in the coming weeks FY27 Medicare payment proposals for inpatient providers (inpatient hospitals, hospices, inpatient rehab facilities, skilled nursing facilities, inpatient psych facilities, and long-term care hospitals), we expect most…

The recent public clash between CMS Administrator Mehmet Oz and California Governor Gavin Newsom (D-CA) over Medicare fraud has renewed questions about whether the hospice industry [CHE, BTSG, PNTG, ADUS, AVAH, UNH, private Elara Caring…

We expect the Medicare Payment Advisory Commission’s (MedPAC) FY/CY27 provider payment recommendations to meet the same fate as in prior years: largely ignored by Congress, though selectively cited by CMS to justify future regulatory tightening…

Home health (HH) agencies [PNTG, EHAB, BTSG, ADUS, AVAH, UNH] received meaningful relief in Friday’s final CY26 Medicare HH reimbursement rule, which pares back the proposed aggregate spending cut and rate discounts. However, CMS signals…

We remain optimistic that home health companies [EHAB, PNTG, ADUS, BTSG, UNH, AVAH] will secure some mitigation in the final CY26 Medicare reimbursement rule, which may be released as early as month’s end and as…

With slightly more than two weeks left in CMS’s comment period for the CY26 Medicare reimbursement proposal rule for home health [PNTG, EHAB, BTSG, ADUS, AVAH, AMED, UNH], we continue to expect mitigation from CMS’s…

Medicare’s final FY26 payment regulations for hospices [CHE, AMED, ADUS, PNTG, BTSG, Gentiva, Compassus, Elara], inpatient rehab facilities (IRFs) [EHC, SEM], and inpatient psych facilities (IPFs) [UHS, ACHC] aligned with expectations for: 1) slightly higher aggregate spending…

Home health agencies [AMED, PNTG, EHAB, ADUS, BTSG, AVAH, UNH] received a negative surprise late Monday with CMS seeking to cut Medicare home health aggregate spending by 6.4% for CY26. The agency’s proposal to impose…