U.S. Health Care Facilities & Managed Care: CMS Proposes Outsized OPPS Gains for Non-340B Hospitals, Expands Site-Neutral Payment Reform

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U.S. Health Care Facilities & Managed Care: CMS Proposes Outsized OPPS Gains for Non-340B Hospitals, Expands Site-Neutral Payment Reform

Equity Research

2 July 2026

U.S. Health Care Facilities & Managed Care

CMS Proposes Outsized OPPS

Gains for Non-340B Hospitals,

U.S. Healthcare Facilities & Managed CareExpands Site-Neutral Payment

Reform U.S.NEUTRALHealthcare Facilities & Managed

Care

All-in, the average for-profit hospital would receive a 7.4% Andrew Mok, CFA

OPPS rate increase, roughly triple a typical update of +2-3%. +1 212 526 5496 andrew.mok@barclays.com

BCI, US

OPPS Rates to For-Profit Hospitals +7.4%: On Thursday morning (7/2), CMS (unexpectedly) Thomas Walsh

released the proposed 2027 Medicare rate update for hospital outpatient (OP) and ambulatory +1 212 526 5096

surgical center (ASC) services, which calls for a +2.4% y/y headline rate increase. More thomas.walsh@barclays.com

importantly, CMS proposed reducing reimbursement for 340B-acquired drugs (approximately - BCI, US

$4.55bn) and redistributing those dollars into higher reimbursement for non-drug outpatient Tiffany Yuan

services. Since for-profit hospitals are generally excluded from the 340B program, they would +1 212 526 5568

emerge as the largest beneficiaries under the proposal, with an estimated +10.3% outpatient tiffany.yuan@barclays.com

payment increase versus +1.4% for non-profit hospitals and-1.3% for government hospitals. BCI, US

Mingchuan Song

The proposed benefit would be partially offset by CMS's acceleration of the ongoing 340B

+1 212 526 9787

remedy recoupment, resulting in an approximately -2.9% headwind for hospitals subject to the mingchuan.song@barclays.com

offset. Net-net, the average for-profit hospital would receive a +7.4% OPPS payment increase BCI, US