Adeptus Health (ADPT): MedPAC Fires A Warning Shot - Jefferies
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Jefferies analyst, Brian Tanquilut, reiterated his Hold rating on shares of Adeptus Health (NYSE: ADPT) after comments made at a recent Medicare Payment Advisory Commission meeting highlighted upcoming regulatory and reimbursement scrutiny of the freestanding ER space at a time when the entry of a new administration is expected to usher in new healthcare legislation that could include Medicare reform.
Stand-alone ERs are on MedPAC's radar, and not in a good way. The influential Medicare Payment Advisory Commission (MedPAC, which provides Congress advice on Medicare matters) held a discussion regarding the proliferation of free-standing ERs at its November meeting, and based on commissioners' comments, it is apparent that the panel is skeptical whether current patient acuity levels and services provided by FSERs justify reimbursement rates that are equivalent to hospital-based ERs. Several members expressed a view that FSERs bear a closer resemblance to Urgent Care Clinics than traditional EDs, and thus should be reimbursed based on the Physician Fee Schedule with no facility fees.
No change to the price target of $13.
Shares of Adeptus Health closed at $10.01 yesterday.
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