With both the House and Senate back for the next two-week stretch before the Memorial Day recess, there is a lot happening in Washington that matters for investors, including: President Trump and President Xi’s two-day…

We suspect iRhythm (IRTC) faces both relief and little more than a modest growth headwind following a finalized local coverage determination (LCD) from its primary Medicare Administrative Contractor (MAC) this morning. In keeping with expectations…

Medicare Administrative Contractor (WPS) WPS – with jurisdiction over ~13% of INSP implants – this morning updated its hypoglossal nerve LCD billing article to instruct physicians to bill for Inspire V services with a -52…

With 1Q26 earnings now largely complete for the major Medicare Advantage (MA) insurers [UNH, HUM, ALHC, CVS, ELV, CNC, MOH], near-term MA policy risks remain less acute, though far from extinguished. Congressional cuts remain unlikely…

We view Inspire Medical’s (INSP) commentary / guidance on the risk of persistent coding and reimbursement headwinds throughout 2026 (-$120M to -$150M) as appropriately characterizing the current uncertainty, with limited prospects for near-term clarity. In…

The remedies phase of State of New Mexico v. Meta Platforms (META), Inc.—a landmark public-nuisance bench trial—opens this morning in Santa Fe District Court before Judge Bryan Biedscheid, who also oversaw the earlier jury trial…

Sen. Jim Banks (R-IN) introduced his version of the AI Overwatch Act yesterday, which would, among other things, impose a two-year ban on sales of high-end AI chips such as Nvidia’s (NVDA) Blackwell systems to…

A wave of state actions (AR, IA, ID, IN, MO, MT, NC, NE, NH) on Medicaid community engagement requirements (aka work requirements), spanning both accelerated implementation like today’s launch in NE and in some cases,…

We think it is very unlikely that Disney (DIS) will lose any of its eight FCC broadcast licenses because of the FCC’s investigation into whether Disney/ABC’s DEI programs crossed into unlawful employment discrimination. Even if…

We believe Congress is likely to partially restrict prediction markets this year, with the most likely path being language attached to the FY27 National Defense Authorization Act (NDAA), which we would expect to become law…

With the CY27 Medicare end-stage renal disease (ESRD) payment proposal now under OMB review, uncertainty surrounding the extra payments for oral phosphate binders to dialysis centers [DVA, FRE.DE, private Innovative Renal] may emerge as an…

With both the House and Senate in session this week, there is a great deal happening in DC that will distract members from issues important to investors. For example, lawmakers will focus on reauthorizing the…

CHE’s comments on its 1Q26 earnings call this morning regarding the government’s efforts to rein in Medicare waste, fraud and abuse in hospice reinforce our prior views that program integrity, instead of the sufficiency of…

The joint CMS / FDA press release this morning outlining the Regulatory Alignment for Predictable and Immediate Device (RAPID) coverage pathway for breakthrough medical devices strikes us more as a rebranding of the existing transitional…

While the passage of another ban on PBM ownership of pharmacies – this time in Tennessee – could reignite some headline risk for CVS, CI, and UNH, we think the actual risk of it going…