2nd Annual Hospital Summit 2026 - Healthcare Facilities Takeaways

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2nd Annual Hospital Summit 2026 - Healthcare Facilities Takeaways

Global Research CONFERENCE TAKEAWAY

June 18, 2026

■Health Care Facilities & Services 2nd Annual Hospital Summit 2026 -

Healthcare Facilities Takeaways

TD SECURITIES (USA) LLC THE TD COWEN INSIGHT

EQUITY RESEARCH

We hosted TD Cowen's 2nd Annual 2026 Hospital Summit in NYC this week. Speakers included

Ryan Langston executives at two large health systems, an AHA lobbyist, our WRG HC policy analyst, and a

646 562 1418 large health system's supply chain leader. We covered the latest procedural/volume trends,

ryan.langston@tdsecurities.com

legislative/regulatory/election outlook, MDCD Work Requirements, 2028 SDP headwinds and

William Spivack capital spending priorities.

202 868 5302

william.spivack@tdsecurities.com NFP Executive #1 - Our discussion with the CFO of a $30B+ integrated health system with

Christian Borgmeyer, CFA over 40 hospitals based in the northeast centered on recent volume trends, expiration of

646 562 1430 ACA eAPTCs, and emerging policy headwinds. Our speaker saw weaker volumes in 1Q26

christian.borgmeyer@tdsecurities.com but believes the trajectory into 2Q26 is improving (including surgical, though seeing shift

from IP to OP), supported by indications related to physician office visits and diagnostics.

Gary Taylor

Capex budget expected to step down to ~flat vs historical levels; after elevated levels from646 562 1450

gary.taylor@tdsecurities.com new construction. Our speaker sees an extra -200bps of margin gap to find in 2027 (above

historical 200-300bps) driven primarily by Work Requirements. On the payer side, our speaker

TD SECURITIES (USA) LLC - WASHINGTON noted both Medical + Rx yty cost trend moderation (more in Rx) has continued into 2Q26. Their