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We wanted to provide our thoughts on comments made by President Trump earlier this afternoon when he said he was not looking to renew the USMCA. We do not interpret Trump’s comments as signaling an…

We see little reason to alter our base case regarding Medicare coverage of GKOS’s iDose following yesterday’s first contractor open meeting on the five-MAC draft LCD issued in late May. While we believe the MACs…

Both the House and Senate are in session this week, with the House expected to pass the $72 billion Customs and Border Protection (CBP) and Immigration and Customs Enforcement (ICE) reconciliation bill after weeks of…

In advance of Dexcom’s (DXCM) readout of its CONNECT RCT this weekend, which management positions as a “powerful anchor” for broader Medicare CGM coverage in “all people with diabetes,” we ultimately expect a material increase…

CMS’s long-awaited interim final rule implementing the One Big Beautiful Bill’s (OBBB) Medicaid Community Engagement (CE) requirements largely aligns with our expectations that CMS would defer to states on program design and implementation, which we…

Last week’s federal court ruling in favor Clover Health (CLOV) against CMS injects fresh uncertainty into the Medicare Advantage (MA) Star Ratings and quality bonus payment framework [UNH, HUM, ELV, CVS, ALHC, CNC, MOH]. While…

The House and Senate are both in session this week, but the market-relevant question is less about what Congress does over the next couple of weeks and more about how much time Republicans waste before…

This morning’s final rule revising operations of the No Surprises Act (NSA) federal independent dispute resolution (IDR) process does not seem to upset the balance that has favored certain out-of-network specialist physicians and hospitals [NUTX,…

With Noridian (17% of services) including instructions that physicians bill for Inspire Medical’s (INSP) Inspire V procedure with a -52 (reduced work / payment) modifier this morning, following a similar update from WPS on May…

We wanted to give you and update on two bills in the California legislature, impacting META, GOOGL, SNAP, STUB, and LYV, that we have been following and which we expect to be considered on the…