Insights: Clients

Financials, Macro

Fed/Supreme Court

The Supreme Court (SCOTUS) yesterday heard oral arguments in the Slaughter case – the first of the various lawsuits challenging President Trump’s ability to fire members of independent boards to appear before the court for argumentation. As a reminder, SCOTUS has scheduled separate oral arguments in the Cook case – regarding the legality of...

Mergers & Acquisitions

The companies were set to file HSR by December 3. We believe there is a likelihood of a second request from the FTC. Feedback from industry participants (who are not involved in the deal) suggests that the merger combines the two largest suppliers of high-end Wi-Fi gateway radio frequency front-end (RFFE) modules and would leave the market with...

Medicare Drug Price Negotiation Program

CMS has announced the results of the second round of Medicare drug price negotiations (which comprised 15 Medicare Part D drugs). According to CMS, the negotiations yielded net savings (as compared to 2024 spending) of $12b (a 44% discount taking into consideration rebates and certain fees/payments). That figure drops to $8.5b (or a 36%...

Medicare DME Competitive Bidding (CBP)

As part of the CY26 Home Health Agency (HHA) Final Rule, CMS finalized various reforms to the Durable Medical Equipment, Prosthetics, Orthotics, & Supplies (DMEPOS) Competitive Bidding Program (CBP) and confirmed the CBP’s restart.

Medicare FFS Reimbursement (Home Health)

CMS has issued the CY26 Home Health Agency (HHA) Final Rule. Under the rule, CMS will decrease payments by -1.3% (-$220m) for CY26 relative to CY25. Comprising that net update is a 2.4% market basket update, a -0.1% outlier payment decrease, a -0.9% prospective behavioral adjustment due to the continued implementation of the Patient-driven...

Medicare Advantage (CY27 Rulemaking Part I)

CMS has issued the “Part I” Proposed Rule governing Medicare Advantage (MA) plans for contract year (CY) 2027, which includes policy and technical changes to the program. The “Part II” proposed rule, which focuses on reimbursement levels, will likely be released in sometime between now and February 2026.