Insights: Policy

Medicare Outpatient/ASC Reimbursement

CMS has issued the CY26 Outpatient Prospective Payment System (OPPS) and Ambulatory Surgical Center (ASC) proposed rule. Under the rule, CMS proposes to increase OPPS and ASC payments by an aggregate 2.4% for CY26 relative to CY25 ($b and $480m increases, respectively). That rate update is comprised of 3.2% market basket update reduced by a...

Medicare Physician Fee Schedule (PFS) Reimbursement

CMS has issued the proposed CY26 physician fee schedule (PFS) rule. Under the rule, CMS proposes implementing two separate conversion factors (CFs). For Alternative Payment Model (APM) participants, the aggregate CF is set at $33.59, a 3.83% increase ($1.24) from the CY25 CF of $32.35. For non-qualifying participants (non-QPs), the aggregate...

Tech / Media / Telecom

AI/Semiconductor Export Controls

Nvidia claimed the administration will grant it export licenses to sell its H20 AI chips to China following a meeting between Nvidia CEO Huang and President Trump. Commerce Secretary Lutnick confirmed that removing this restriction was part of the deal reached with China, in which they agreed to lift restrictions on export of rare earth minerals.

Russia Sanctions

Senate Majority Leader Thune and Speaker Johnson said they are ready to advance a Russia sanctions bill that would impose tariffs on countries that buy Russian energy and secondary sanctions on firms that support Russia’s energy sector. President Trump, who is increasingly frustrated with Russian President Putin, signaled support for the...

Private Investments/Retail

The Trump administration has begun to express openness to providing more access to private investments, as it did in President Trump’s first term. This is reflected in the SEC’s recently revised policy on how much closed-end funds can invest in private funds, as well as comments from Daniel Aronowitz, Trump’s nominee to be head of the Employee...

Stablecoins/Crypto Market Structure

The House has scheduled a vote in the Rules Committee for this coming Monday, 7/14 to begin the process of considering the Senate-passed stablecoin bill (the GENIUS Act) and separately, crypto market structure legislation. After having recently passed stablecoin legislation, the Senate is intensifying its work on a market structure bill, with a...