Hospitals: Monthly Check-Up: Foot Traffic Up Q/Q; ACA Exchange Improper Enrollment Data Provides Some Optimism vs. 2026 Outlooks, but Likely Pressure into 2027

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Hospitals: Monthly Check-Up: Foot Traffic Up Q/Q; ACA Exchange Improper Enrollment Data Provides Some Optimism vs. 2026 Outlooks, but Likely Pressure into 2027

J P M O R G A N North America Equity Research

29 June 2026

Hospitals

Monthly Check-Up: Foot Traffic Up Q/Q; ACA Exchange

Improper Enrollment Data Provides Some Optimism vs.

2026 Outlooks, but Likely Pressure into 2027

Hospital foot traffic trends have maintained a consistent pattern over the past Managed Care and Facilities

ACmonth following an acceleration at the end of April and into early May, with Benjamin Rossi

aggregate data for HCA/THC/UHS showing an increase q/q despite trends (1-212) 622-9603

flattening into June. MSPP approvals have also continued to come through benjamin.rossi@jpmorgan.com

favorably (including a sizable approval in FL for HCA/THC/UHS), although we Lisa C. Gill AC

maintain our belief that last month’s CMS rule will likely result in greater scrutiny (1-212) 622-6466

into program design in the near-term. With the group lapping a moderate volume lisa.c.gill@jpmorgan.com

comp set from 2Q25, we believe the necessary hurdle rate for growth appears John Stansel, CFA AC

reasonable heading into 2Q26 earnings. However, we also believe that underlying (1-212) 622-0083

john.stansel@jpmorgan.com

acuity/mix will be in greater focus as we understand the impact of recent policy

Cole Harrischanges across the ACA Exchanges and Medicaid. With group valuations

(1-212) 622-9068

remaining below historical averages on more subdued sentiment amid the cole.harris@jpmorgan.com

improving but softer-than-expected foot traffic trend, we highlight some potential J.P. Morgan Securities LLC

upside from the latest HHS data regarding improper enrollment that may point to