$SEM

HR8091 (Outpatient Surgery Access Act of 2026) would modernize Medicare ASC payments by aligning annual updates with hospital outpatient rates and removing ASC-specific budget neutrality caps. The bill was introduced March 25, 2026 and is in early committee-stage with no immediate market impact. Pure-play ASC operators like Surgery Partners ($SGRY) and Select Medical ($SEM) are the most directly positioned to benefit if the bill progresses. Hospital-centric operators with growing ASC exposure like Tenet ($THC) see a net positive via their USPI joint venture, while HCA ($HCA) faces modest volume-risk due to its heavy hospital outpatient footprint.