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The municipal bond market's relationship with nonprofit hospital credit has always been episodic. Ratings agencies adjust with characteristic delay. By...

The variation in what commercial insurers pay for identical hospital procedures across American metropolitan areas is not a measurement artifact....

The three largest pharmacy benefit managers are now divisions of the three largest managed care companies. This is not an...

Medicare Advantage plans have traded as secular growth stories for most of the past decade. In 2024, that narrative hit...

The most straightforward structural trade in healthcare investing has been hiding in plain sight for a decade: the same procedure,...

Hospital mergers have been the most reliable source of healthcare sector alpha over the past decade. They have also been...

Managed care equities trade on medical loss ratio projections, and those projections are consistently wrong at inflection points. Price transparency...

Hospital earnings are contract earnings. The quarterly EBITDA that sell-side analysts model from utilization trends and staffing costs is, at...

The most common misuse of hospital price data is treating it as a quality proxy. It isn't. But the relationship...

Private equity's expansion into healthcare has generated substantial policy attention and inadequate empirical scrutiny. Price transparency data offers a partial...

Academic medical centers have always charged more. The question that price transparency data now allows us to ask more precisely...

The entity with the most to gain from hospital price transparency is not the patient, not the insurer, and not...