S275

The Veterans' Assuring Critical Care Expansions to Support Servicemembers (ACCESS) Act of 2025 (S.275) was introduced in the Senate on January 28, 2025, and referred to the Committee on Veterans' Affairs. On July 30, 2025, the Committee on Veterans' Affairs ordered the bill to be reported with an amendment in the nature of a substitute favorably, and it is currently awaiting floor action in the Senate. A companion bill, HR740, is also moving through the House, indicating bipartisan and bicameral support. This bill does not contain explicit funding amounts or appropriations. Instead, it codifies and expands eligibility standards for veterans to receive care through the Veterans Community Care Program (VCCP) from non-VA providers. This legislative action directly increases the addressable market for private healthcare services by making it easier for veterans to access care outside the VA system. The mechanism is regulatory: by establishing statutory access standards and requiring the VA to notify veterans of their eligibility, the bill streamlines the process for veterans to choose private care, thereby directing VCCP funds to private providers. The bill also extends the deadline for claims submittal by healthcare entities, improving payment certainty for providers. Structural beneficiaries of this legislation include private healthcare providers and medical real estate investment trusts (REITs). Private healthcare providers like HCA Healthcare ($HCA) and Universal Health Services, Inc. ($UHS) stand to gain from increased patient volume as more veterans opt for non-VA care. Medical REITs such as Ventas, Inc. ($VTR), Welltower Inc. ($WELL), and Sabra Health Care REIT, Inc. ($SBRA) benefit from the increased demand for healthcare facilities, which translates to stable or growing occupancy rates and rental income for their properties. The bill's focus on mental health treatment programs also points to potential growth in specialized care facilities. Recent market data for these entities shows varied performance. HCA Healthcare ($HCA) is currently trading at $483.92, showing a +3.44% gain over the last 7 days, despite a -9.46% decline over the last 30 days. Universal Health Services, Inc. ($UHS) is at $181.33, with a -0.42% 7-day change and a -7.94% 30-day change. Among the REITs, Ventas, Inc. ($VTR) is at $82.95, up +1.63% in 7 days but down -2.37% in 30 days. Welltower Inc. ($WELL) is at $200.91, with a +2.87% 7-day gain and a -2.02% 30-day decline. Sabra Health Care REIT, Inc. ($SBRA) is at $19.72, showing a +1.44% 7-day change and a -1.5% 30-day change. The positive 7-day movements for most of these companies suggest a recent upward trend, potentially reflecting market anticipation or broader sector dynamics, despite the longer-term 30-day declines. Legislative steps remaining include a vote on the Senate floor, followed by potential reconciliation with the House version (HR740) if differences exist, and then presidential assent. Given its bipartisan sponsorship (Sen. Moran, R-KS) and the existence of a companion bill, the legislative momentum is strong.