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In advance of the CMS draft coverage decision for transcatheter aortic valve replacement (TAVR) due June 15 (final Sept. 15), we expect policy changes that – while positive – may be more incremental in their…

Despite President Trump’s comments on Truth Social about the need to pass Reconciliation 3.0 for an additional $350 billion in defense spending, we think he will be disappointed. We continue our long-held belief that: Defense…

While Medicaid and ACA enrollment concerns have dominated the policy overhang for hospitals this year, Medicare-related risks could move higher on investors’ radar with the release of CY27 hospital outpatient prospective payment system (OPPS) proposed…

We wanted to provide our thoughts on comments made by President Trump earlier this afternoon when he said he was not looking to renew the USMCA. We do not interpret Trump’s comments as signaling an…

We see little reason to alter our base case regarding Medicare coverage of GKOS’s iDose following yesterday’s first contractor open meeting on the five-MAC draft LCD issued in late May. While we believe the MACs…

Both the House and Senate are in session this week, with the House expected to pass the $72 billion Customs and Border Protection (CBP) and Immigration and Customs Enforcement (ICE) reconciliation bill after weeks of…

In advance of Dexcom’s (DXCM) readout of its CONNECT RCT this weekend, which management positions as a “powerful anchor” for broader Medicare CGM coverage in “all people with diabetes,” we ultimately expect a material increase…

CMS’s long-awaited interim final rule implementing the One Big Beautiful Bill’s (OBBB) Medicaid Community Engagement (CE) requirements largely aligns with our expectations that CMS would defer to states on program design and implementation, which we…

Last week’s federal court ruling in favor Clover Health (CLOV) against CMS injects fresh uncertainty into the Medicare Advantage (MA) Star Ratings and quality bonus payment framework [UNH, HUM, ELV, CVS, ALHC, CNC, MOH]. While…

The House and Senate are both in session this week, but the market-relevant question is less about what Congress does over the next couple of weeks and more about how much time Republicans waste before…