Medical Supplies & Devices: FY27 IPPS Final Rule: What It Means for Device Companies

研报英文原文证据摘录

Medical Supplies & Devices: FY27 IPPS Final Rule: What It Means for Device Companies

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

02 August 2026

Medical Supplies & Devices

FY27 IPPS Final Rule: What It Means for Device

Companies

CMS released its FY27 In-Patient Prospective Payment System (IPPS) final rule Medical Supplies & Devices

ACafter the close on Friday. The outlook for MedTech companies is largely Robbie Marcus, CFA

unchanged, with the proposed rule pointing towards a +1.4% increase in Medicare (1-212) 622-6657

payment rates to hospitals, a step down from the +3.2% in the proposal. Pricing in robert.j.marcus@jpmorgan.com

medical devices has historically not correlated with changes in CMS payment Allen Gong

rates. The highlights of this year’s IPPS include (1) an expansion of the previous (1-212) 622-9520

Comprehensive Care for Joint Replacement (CJR) program for orthopedic allen.gong@jpmorgan.com

procedures, and (2) a restructuring of DRGs for cardiac pacemaker revision and Lilia-Celine B Lozada

device replacement, and for orthopedic implants, particularly hip and knee (1-212) 622-1019

lilia-celine.b.lozada@jpmchase.com

revision procedures – CMS is consolidating three existing DRGs into a single new

Henry HouseholterDRG for all revision cases, regardless of severity, and is creating new DRGs

(1-212) 464-5599

specifically for cases involving periprosthetic joint infection (PJI). There were also henry.householter@jpmorgan.com

a number of new NTAP submissions, including Ceribell’s Delirium Monitor J.P. Morgan Securities LLC

System and Edwards LifeSciences’ SAPIEN M3 Transcatheter Mitral Valve

Replacement System.

• Interventional Cardiology: Average reimbursement for total stents is

forecast to improve +1.8% on a mix-adjusted basis after declining -1.4% in

FY26.