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Despite reports this afternoon that a bipartisan compromise on enhanced Obamacare premium subsidies will not be ready this week and is now expected to slip to the week of January 26, we continue to expect…

This is a busy week in Washington as Congress works through FY2026 appropriations while also advancing several policy items with market relevance. In addition, developments on crypto regulation, Russia sanctions, trade programs, tariffs, and foreign policy are…

Defense is likely to continue benefiting from positive headlines—particularly as President Trump is expected to reiterate his ~$1.5 trillion defense framing in the State of the Union (tentatively scheduled for Feb. 24) and again in his proposed budget (February / early March). However, the most probable outcome remains a materially smaller increase in defense spending constrained by process, timing, and…

With medtech and biopharma companies set to descend on San Francisco next week, below we provide a set of significant policy-related questions for clients to ask management, the answers to which will inform company growth…

Following repeated outreach to Medicare Administrative Contractor (MAC) public inquiry mailboxes, feedback from WPS – responsible for ~13% of INSP services – bolsters our view that the company is unlikely to be able to take…

Consistent with our prior note, we continue to assign 60%-65% odds that the Trump administration suffers at least a partial loss in the International Emergency Economic Powers Act (IEEPA) case currently pending before the Supreme Court (SCOTUS). Importantly, the Court…

With the start of the new year and holdover of some key issues from 2025, 1Q26 promises various policy catalysts across the health insurer and provider landscapes, informing company growth and revenue prospects for the…

With Medicare Administrative Contractor (MAC) WPS – responsible for ~13% of INSP claims – now joining Noridian (17%), NGS (9%), and CGS (6%) in removing cranial nerve code 64568 from its hypoglossal obstructive sleep apnea…

CMS’s BALANCE Model to facilitate coverage of anti-obesity medications (AOMs) [LLY, NVO] in Medicaid and Medicare Part D (PD) (standalone and Medicare Advantage plans) – released Dec. 23 – while still lacking key details, provides…