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We continue to expect that three of the most material non-defense-related items that some members of Congress hoped to include in the National Defense Authorization Act (NDAA) will not make the final cut. Those amendments are:  GAIN…

Congress returns to Washington this week, with little on the formal legislative agenda likely to move markets. Still, investors should keep an eye on the following developments:   A potential Trump administration farm aid announcement.   Progress…

Home health (HH) agencies [PNTG, EHAB, BTSG, ADUS, AVAH, UNH] received meaningful relief in Friday’s final CY26 Medicare HH reimbursement rule, which pares back the proposed aggregate spending cut and rate discounts. However, CMS signals…

With CMS finalizing [Fact Sheet, Final Rule] its intention to include continuous glucose monitors (CGM) [DXCM, ABT], insulin pumps [TNDM, BBNX], and urological / ostomy supplies [COLOB.DC, CTEC.LN] in the next round of the Competitive…

Our read of the proposed Contract Year 2027 Policy and Technical Changes regulation for Medicare Advantage (MA) and Part D (fact sheet here), confirms our expectations for a positive regulatory backdrop for 2027 for MA [HUM, ALHC,…

Publication of the HHS Office of Inspector General’s (OIG) long-awaited report today on Medicare payments for continuous glucose monitors (CGM): (A) bolsters our long-held view that the agency intends to finalize its intention to include…

Media reports (here, here, here) indicate that an ACA compromise may be imminent, with President Trump reportedly offering to support extension of the enhanced premium tax subsidies (with limitations) while channeling a portion into health…

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,…

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)…

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…