SAFE Act

**What Happened:** On February 10, 2025, Representative Carol Miller (R-WV) introduced the SAFE Act (HR 1171) to amend the Social Security Act. The bill adds physical therapists and occupational therapists as eligible providers for fall risk assessments and prevention services during Medicare annual wellness visits and initial preventive physical exams, effective January 1, 2026. The bill is in early legislative stage—referred to two committees (Energy & Commerce; Ways & Means) with 51 cosponsors and an identical Senate companion bill (S2612). **Money Trail:** This bill is an authorization bill that expands Medicare coverage but does not appropriate any specific funding. It mandates that Medicare Part B cover these services without new spending authorization; costs will be absorbed into existing Medicare trust fund outlays. The Congressional Budget Office would estimate net cost, but no dollar amount is locked. **Structural Winners:** $USPH (U.S. Physical Therapy) is the pure-play beneficiary—900+ clinics generating 100% of revenue from outpatient physical therapy. The mandate adds a covered service for the ~30% of Medicare beneficiaries who fall annually, directly increasing patient visits per clinic. $AMN Healthcare benefits as providers scramble to hire additional therapists; therapy staffing is ~20% of AMN's revenue. Smaller pure-plays like $SEM (Select Medical) also operate outpatient rehab chains but are more diversified. **Market Data Analysis:** Over the 7 days ending April 30, 2026, $USPH declined 4.9% to $69.94 (near its 52-week low of $66.67), while $AMN rose 1.18% to $20.59. The divergence likely reflects broader sector rotation—AMN has rallied 12.27% over 30 days, potentially pricing in healthcare staffing recovery. USPH's decline suggests the market is not yet pricing SAFE Act upside, likely because the bill is early-stage and funding is uncapped. **Timeline:** The bill must pass House and Senate committees, floor votes, and reconcile identical House and Senate versions before reaching the President. Effective date is January 1, 2026, so passage by mid-2025 would allow CMS to set reimbursement rates. Current early-stage status (referred to committee) means enactment is uncertain; bipartisan support increases odds but path remains 12-18 months.