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Season 1 | Episode 35 - Feb 12, 2026

The Strategist in Brief: February 12, 2026

Episode Description

Listen to the episode on a streaming platform by clicking one of the links below:


  • The Trump administration is scrapping its proposed 340B rebate pilot just weeks after a federal court issued a temporary block on procedural grounds.

    • If the administration revives the pilot, it has agreed to go through a new rulemaking process with advance notice and public comment.

  • This edition’s Key Market Dive looks at the latest quarterly and full-year earnings reports across the healthcare sector.

    • HCA’s strong results showcase not only its ability to leverage scale to control costs, but also its disciplined approach to capital spending and systemness.

    • Payers with exposure to MA like UnitedHealth and Elevance continue to face a mismatch between utilization and reimbursement trends, while commercially focused payers with value-based capabilities like Cigna are thriving.

    • Amazon’s plan to spend nearly $200B of its capital on AI-related investments is spooking investors, but the company might be able to find further synergies with its healthcare segment.

  • Payer stocks plummeted more than 20% after CMS gave notice that next year’s MA rate increase will be essentially flat.

    • The agency is also moving to exclude chart reviews without follow-up care from their risk adjustment model. For-profit plans that effectively gamed the system will face a larger hit to their revenues.

    • Health systems might prefer to work with the regional nonprofits and BCBS plans that are now taking market share from the national for-profits. But the changes could also shutter provider-sponsored plans that can’t absorb a margin hit in the current environment.

  • ChenMed is no longer widely prescribing GLP-1 medications to its members for weight loss, citing unintended side effects like muscle loss and increased falls.

    • ChenMed’s focus on a single patient type—seniors on MA—allows them to tailor their approach and make a more compelling value-based pitch to payers.

    • Health system-sponsored weight management programs might consider similar moves, but a shift away from GLP-1s might disappoint younger consumers who specifically join these programs to obtain prescriptions.

  • MSK disruptor Sword Health is acquiring rival Kaia Health in a $285M deal that will consolidate their customer bases.

    • In addition to greater scale, the acquisition might help Sword care for patients with a wider range of conditions, making their app-enabled service more attractive to employers.

  • This week’s featured graphic takes a comprehensive look at contract disputes between payers and providers that spill out into public view.

    • Unsustainable economics and eroding negotiating leverage are making private compromises harder to reach, leaving patients in limbo for weeks, months, or even years.

Headshot of a smiling woman with long wavy dark hair, wearing a green sweater, standing outdoors in front of a brick building.

About Our Host

Anika Rasheed

Anika is a Senior Analyst on the Strategy Catalyst team.