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We view positive rate changes for SI-BONE’s (SIBN) iFuse 3D / TORQ and negative adjustments for Boston Scientific’s (BSX) Watchman as the most notable items for investors following release of CMS’s draft CY27 Physician Fee…

The House and Senate return this week with a crowded legislative agenda and fewer working days than lawmakers expected. The House is scheduled to be in session for only two weeks before starting its August…

We are watching two trade policy issues over the next several months: Whether the administration will replace the temporary 10% Section 122 tariffs that expire on July 24 with new Section 301 tariffs. We think…

We believe the online sports betting debate is moving in two directions. In already-legal states, the risk is higher tax rates on online sports betting operators (DKNG, FLUT, MGM, CZR) as states look for revenue…

We continue to believe that divided government is the most likely scenario after the midterm elections as we view Democrats as having an over 80% probability of retaking the House, while Republicans have roughly a…

For-profit hospitals [THC, HCA, CYH, ARDT, UHS] received some expected positive news – though the magnitude surprised us – in the CMS’s proposed CY27 hospital outpatient prospective payment system (OPPS) rule. Ambulatory surgery centers (ASCs)…

Home health (HH) agencies [PNTG, BTSG, AVAH, UNH, ADUS, Elara] received a favorable surprise in CMS’s proposed CY27 Medicare HH reimbursement rule, released Wednesday. The regulation includes: A temporary 3% recoupment adjustment, matching the final…

The House Rules Committee did not make the MATCH Act, the Chip Security Act, or the AI Overwatch Act in order as amendments to the fiscal year 2027 National Defense Authorization Act (NDAA). This move…

We have raised our odds to 70% that California’s AB 1709, which would restrict social media companies, including META, GOOGL, SNAP, and PINS, from providing addictive features to users under 16, will become law. AB…

We present our quarterly outlook on the key catalysts for health insurers and providers. Entering 3Q, the negative policy bias that dominated 1H26 has eased as payers appear to have priced plans appropriately and medical…