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We have moved our odds to a 60% chance of Democrats retaking the Senate from our previous assessment of 50/50. We continue to believe there is an 85% chance the House flips control to the…

The FDA appears likely to approve Grail’s (GRAL) Galleri by ~1Q27 following yesterday’s advisory committee vote, though we suspect a narrowed label, removal of the word “early” from its indication for the “detection of multiple…

This afternoon’s White House announcement of additional Obamacare anti-fraud actions does not change the direction of the ACA reset underway over the past year, nor our expectations for 2027 and 2028. While the actions appear…

President Trump’s comments today at the UN—and despite the calls for regulation from the large AI frontier models CEOs—reinforces our view that this administration intends to maintain a light-touch approach to AI regulation absent a…

CMS’s preliminary CY27 rates for lab codes targeted through the next phase of adjustments under the Protecting Access to Medicare Act (PAMA), released last night, appear largely consistent with the ~$100 M risk projections previously…

The week ahead will be busy despite the fact that the House has left Washington until after the midterm elections. The Senate is scheduled to remain in session through Oct. 2 but could complete its…

Based on our review of stakeholder comments to CMS’s proposed CY27 Medicare home health (HH) payment rule, we continue to see an avenue for HH-specific upside in the final regulation due in late October/early November…

We continue to believe that Congress is unlikely to enact any material AI legislation this year (and maybe not through 2028) due to opposition from President Trump and more importantly, lacking consensus on what Congress…

Both the House and Senate are in session this week, but this is the last week the lower chamber is expected to be in Washington before the midterm elections. The Senate is supposed to be…

With the November elections less than two months away, we assess how different congressional outcomes could reshape the healthcare legislative agenda for hospitals, dialysis centers, value-based care (VBC) providers, skilled nursing facilities (SNFs), post-acute care…