2025-06-16-Jefferies-参议院和解法案_从长期来看对医院更不利_但削减措施逐步实施_健康储蓄账户（HSA）调整取消_7页_88kb

Senate Finance Committee Bill Analysis Summary

The Senate Finance Committee's healthcare reform proposals, released on June 16, 2025, largely align with the House bill but introduce significant disruptions in provider taxes and supplemental directed payments (SDPs), viewed as a greater long-term headwind for US hospitals. Key changes include a phased reduction of provider taxes from 6% to 3.5% over multiple years, affecting hospital revenue predictions, and retroactive caps on SDPs, which may reduce existing payments. While the phase-in approach softens the 2026 EBITDA impact, the bill excludes changes to physician fees, eAPTCs, and HSAs, which could leave hospitals with heightened financial risks in the long run. The Senate bill is expected to be voted on by June 22nd, with analysts noting potential volatility for healthcare providers like USPH and RDNT based on revised projections.

Key Distinguished from House Bill:

• Provider taxes phased down to 3.5%, not immediate cut.
• SDPs capped retroactively, potentially reducing ongoing payments.
• No inclusion of physician fee schedule updates or HSA changes.
• Similar impacts on Work Requirements, FMAP, and PBM rules, but no "Doc Fix" for Medicare.

Analyst View and Timing:

• Jefferies analysts assess the bill as moderately negative for hospitals due to tax changes, with a phased implementation mitigating short-term hits.
• Upcoming vote timeline and potential regulatory updates may affect market dynamics.

This summary captures the essential points from the equity research report.