November 23, 2025
ASC Wins in Final CMS Rate Rule, Slight Hospital Wins but Lingering Concerns
Ambulatory surgery centers (ASCs) [SGRY, AmSurg, THC, HCA, UNH] secured some policy wins in the final CY26 Medicare outpatient prospective payment system (OPPS) rule, consistent with the July proposal (notably a broadened covered procedure list,…
November 22, 2025
INSP, NYXH, LIVN: Surprise (But Short Lived?) Payment Win
CMS’s surprise decision to reassign cranial nerve neurostimulator code CPT 64568 to a $45K New Tech APC (+48% YoY) represents a significant 2026 tailwind for both vagus (VNS) [LIVN’s Sentiva] and hypoglossal nerve stimulation (HNS)…
November 20, 2025
Dialysis: Modest Increase & Consistent Rates for Oral Phosphate Binders in Final Medicare Rule [DVA, FRE.DE, American Renal]
CMS’s final CY26 Medicare payment rule for dialysis centers [DVA, FRE.DE, privately held American Renal] largely aligned with expectations. The rule delivers: A slightly higher YoY increase in aggregate spending, reflecting updated inflation and productivity…
November 20, 2025
(PCAR, VLVLY, DTRUY) EPA27 Truck Standards: Repeal Proposal Expected as Early as December
We expect the administration to release a proposed rule in December to repeal or amend the Biden-era EPA27 light-, medium-, and heavy-duty vehicles standards, with a full repeal appearing more likely (65%) at this point. …
November 19, 2025
Finance Committee Hearing: Still Think ACA Subsidy Deal is More Likely Even If Late [OSCR, CNC, CYH, UHS, DVA, FMS, HQY, WBS]
This morning’s Senate Finance Committee hearing on rising healthcare costs did little to break the stalemate on Obamacare, but no one expected a breakthrough today. The hearing primarily served as a venue for both sides…
November 19, 2025
DC Quick Takes: Highway Bill, Permitting Reform, Federal AI Standard, GAIN AI Act, Federal Deposit Insurance
Today we examine five market-relevant issues, including: Prospects for a highway bill next year [VMC, MLM, NUE, CX, CAT, DE, PSN, URI] Likelihood of permitting reform, which could accelerate infrastructure development, including utilities and energy…
November 18, 2025
Defense Update: FY26 Spending, the NDAA and an Impending Defense Spending Fiscal Cliff
We want to highlight three developments relevant to the defense sector: Potential positive news for the sector this week, as the Senate could vote as early as today to begin consideration of the Defense Appropriations…
November 18, 2025
IRTC Coverage Risks: Smoke or Fire?
With shares of IRTC pressured yesterday amid speculation on the risks associated with a Sept. 25 draft local coverage determination (LCD), we suspect the final version – likely released in March / April – will…
November 17, 2025
CMS Provider Tax Guidance: More Details, But Not Necessarily Stricter or More Aggressive Interpretation [ARDT, CYH, HCA, THC, UHS, CNC, MOH, ELV]
CMS’s preliminary guidance to states on its interpretation of the One Big Beautiful Bill’s (OBBB) Medicaid provider tax provisions does not appear to tighten the screws on states, and thereby threaten hospitals [ARDT, CYH, HCA,…
November 17, 2025
Capitol Policy Weekly: Another Government Shutdown, the Epstein Files, Deposit Insurance, the CFTC, BABA and the Saudi Visit
Congress is in session this week before adjourning for the Thanksgiving holiday. Although lawmakers just passed legislation to keep the government open, there is already renewed concern about another potential shutdown on January 31, when…