GMR Solutions: Quick Thoughts on CMS Bi-Monthly IDR Data & Related Headlines

研报英文原文证据摘录

GMR Solutions: Quick Thoughts on CMS Bi-Monthly IDR Data & Related Headlines

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

22 July 2026

GMR Solutions Overweight

GMRS, GMRS US

Quick Thoughts on CMS Bi-Monthly IDR Data & Price (21 Jul 26):$12.99

Related Headlines

Managed Care and Facilities

This morning, we received a few incremental data points regarding the Benjamin Rossi AC

Independent Dispute Resolution (IDR), with CMS publishing its bi-monthly (1-212) 622-9603

Federal IDR report showing that the IDR “close rate” had declined slightly since benjamin.rossi@jpmorgan.com

the end of March as a result of unresolved cases increasing +14.8% over that same Lisa C. Gill

time period. This also includes reporting from the WSJ that total payouts under the (1-212) 622-6466

IDR increased +264% y/y in 2025 ($14.85B in 2025 vs $4.08B in 2024), which, lisa.c.gill@jpmorgan.com

when paired with details from CMS that ED services increased +700 bps as a John Stansel, CFA

portion of payment determinations during 2H25, suggests to us that the (1-212) 622-0083

john.stansel@jpmorgan.com

environment for dispute payouts remains robust and well-above expectations,

Cole Harris

particularly within air EMS. Recall that the Independent Dispute Resolution (IDR) (1-212) 622-9068

is the process for adjudicating disputed out-of-network (OON) claims between cole.harris@jpmorgan.com

payers and providers under the No Surprises Act (NSA). This follows up last J.P. Morgan Securities LLC

week’s commentary from UNH, who called out ~50 bps of MLR pressure in the

company’s Commercial business as a result of the high volume of IDR claims.

While we believe that investors are attuned to the overall favorable dynamic for

providers, we consider the incremental data to be a favorable read-through for