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The Centers for Medicare & Medicaid Services (“CMS”) continues to scrutinize beneficiary transparency, medical necessity and data‑driven oversight of hospital billing and utilization. This scrutiny means continued compliance risk for hospitals. Two long‑standing compliance tools remain especially relevant for hospital leadership: the Medicare Outpatient Observation Notice (“MOON”) and the Program for Evaluating Payment Patterns Electronic Report (“PEPPER”). Recent CMS communications reaffirm expectations related to proper MOON delivery and highlight PEPPER as an active monitoring mechanism hospitals should be using
Continue Reading Medicare Outpatient Observation Notice and PEPPER Reports: Key Compliance Considerations

On December 29, 2025, the Centers for Medicare and Medicaid Services (“CMS”) announced the first round of awards under the Rural Health Transformation Program (“RHTP”), a $50 billion, five-year initiative intended to strengthen and modernize health care delivery in rural communities nationwide. All 50 states will receive funding beginning in Federal Fiscal Year (“FFY”) 2026, with first-year awards averaging $200 million per state.

At the same time, CMS formally established the Office of Rural Health Transformation within the Center
Continue Reading CMS Announces $50 Billion Rural Health Transformation Program Awards to All 50 States

We hope everyone enjoyed some time off over the holidays. As we reflect on 2025 and head into the new year, we spent some time mapping out our hospital real estate predictions for 2026. We believe it will be a mixed bag for hospitals and health systems around the country. Most hospital systems will face financial headwinds, which will result in cost-cutting measures. Those headwinds also create opportunities for strategic growth for those with strong balance sheets or in
Continue Reading Weekly Hospital Real Estate Briefing: Our 2026 Predictions

On Tuesday, December 30, 2025, the Drug Enforcement Administration (“DEA”) and the Department of Health and Human Services (“HHS,” and together with the DEA, the “Agencies”) issued a fourth temporary rule (the “Fourth Temporary Rule”) extending the COVID-19-era telemedicine flexibilities for prescribing Schedule II–V controlled substances  through December 31, 2026. The extension allows DEA-registered practitioners to continue prescribing controlled medications via telemedicine without a prior in-person visit, subject to existing safeguards and state law. The Fourth Temporary Rule notes
Continue Reading DEA and HHS Announce Fourth Extension of COVID-Era Telemedicine Flexibilities for Controlled Substance Prescribing

Under the federal Stark Law (the “Stark Law”), hospitals, physician groups, labs and other provider entities may provide non-monetary (i.e., non-cash or cash-equivalent) compensation to physicians up to an aggregate amount of $535 for calendar year 2026. The dollar limit for “medical staff incidental benefits” provided by a hospital to a member of its medical staff (e.g., meals, parking and other items or incidental services that are used on a hospital’s campus) is less than $46 per occurrence. Other
Continue Reading 2026 Non-Monetary Compensation to Physicians (and Chance to Review 2025)

  • Revista published a pair of interesting blog posts: (1) the amount of general hospital space under construction in Q3 of 2025 has continued a multi-year climb that started in 2022; and (2) noting that the least expensive MOB rents (bottom 10th percentile) have grown at just 1.3%/yr since 2018, while moderately priced properties (50th percentile base rent) have grown at 1.7%/yr and the most expensive properties (90th percentile base rents) have grown 2.7%/yr over the same period.
  • At a

  • Continue Reading Weekly HRE Briefing, Dec. 24, 2025

    Until this year, the Food and Drug Administration’s (FDA or agency) Office of Prescription Drug Promotion (“OPDP”) enforcement activity had settled into a relatively predictable pattern. In both 2023 and 2024, OPDP issued five enforcement letters each year, reinforcing a perception that the agency was exercising restraint and directing its limited resources toward more complex promotional claims, particularly those in patient-facing materials. However, that perception shifted dramatically in September 2025, when OPDP released nearly 100 enforcement letters (both
    Continue Reading A Turning Point for OPDP: What 2025 Enforcement Activity Signals for 2026

    As we head into the holidays, we want to thank you for being a valued reader of our Weekly Hospital Real Estate Briefing. We hope you are able to enjoy time with friends and family in the days ahead. To provide you with a few timely topics to consider over the holidays, we’ve compiled a list of stories we hope you will enjoy. Merry Christmas and Happy Holidays!

  • Blake Madden from Hospitalogy published his 2026 health care predictions. Key

  • Continue Reading Weekly Hospital Real Estate Briefing: ‘Tis the Season for Hospital Real Estate

    On December 18, 2025, the Centers for Medicare & Medicaid Services (“CMS”) issued two proposed rules aimed at limiting provision of gender-affirming care to minors (each a “Proposed Rule” and, collectively, the “Proposed Rules”).

    • The first rule would add a new Condition of Participation (“CoP”), prohibiting a hospital from performing “sex-rejecting procedures” on minors, in order to participate in the Medicare and Medicaid programs.
    • The second rule prohibits state Medicaid and CHIP agencies from covering “sex-rejecting procedures” on minors.


    Continue Reading CMS Proposes New Rules Blocking Funding to Providers of Gender-Affirming Care to Minors

    On December 11, 2025, the Centers for Medicare & Medicaid Services (“CMS”) extended the due date indefinitely to complete and submit the new Form CMS-855A Skilled Nursing Facility  (“SNF”) Disclosures Attachment for every SNF.

    In its Medicare Learning Network, 2025-12-11-MLNC, CMS formally announced that enrolled SNFs should continue collecting data on ownership, managerial, and related party information and submit their revalidation. However, there is no submission deadline until further notice. Guidance for SNF Attachment on Form CMS-855A, updated
    Continue Reading CMS Extends Deadline Indefinitely for Disclosure Requirements for Skilled Nursing Facilities – Provider Enrollment Off-Cycle Revalidations

  • Fitch Ratings’ 2026 outlook for the nonprofit hospital sector was “neutral,” and forecasts median operating margins between 1-2%, while noting largely healthy volume trends and strong balance sheets. It expects a roughly equal number of ratings downgrades and upgrades among its portfolio, and noted that the industry is still investing in patient tower and brick-and-mortar facilities.
  • Come join our growing real estate team! Hall Render is seeking a 2-5 year attorney to join our Indianapolis office, which serves health

  • Continue Reading Weekly Hospital Real Estate Briefing, Dec. 12, 2025

    In 2025, we worked on a number of significant land transactions where hospitals acquired land for new hospital campus projects. From our perspective, it seemed like an increase in land transactions when compared to previous years. Here are 10 observations based on our work on these transactions:

  • Arms Race – Hospital systems were aggressive in tying up land in growing markets. In terms of data, markets with high population growth were the primary targets. In states like Indiana, North

  • Continue Reading Weekly Hospital Real Estate Briefing: Our Top 10 Hospital Campus Development Trends

    The Centers for Medicare & Medicaid Services (“CMS”) has released the Calendar Year 2026 Hospital Outpatient Prospective Payment System Final Rule, which includes another round of substantial updates to the Hospital Price Transparency (“HPT”) regulations. The new policies aim to further standardize the data disclosed by hospitals, enhance the utility of the machine-readable files (“MRFs”) for consumers and researchers and streamline enforcement processes.
    Key Points and Hospital Action Items

    • The changes will require every hospital subject to the HPT


    Continue Reading Actions Required: CMS Finalizes Another Round of Price Transparency Updates

  • According to a recent EY report commissioned by the AHA, nonprofit hospitals provide over $149B in annual community benefits, as compared with $13.2B in forgone federal income tax revenue. Even when factoring in state and local exemptions ($54B per year), community benefits were three times higher than total forgone taxes. The largest share of benefits is patient financial assistance and unreimbursed costs from government payors, valued at $65B.
  • Leaders at a recent Becker’s panel noted that cardiology is becoming

  • Continue Reading Weekly Hospital Real Estate Briefing, Nov. 26, 2025

    In a health care environment increasingly driven by value rather than volume, population health services organizations (“PHSOs”) are emerging as powerful engines for transformation. Rather than relying on individual clinicians or fragmented care teams, PHSOs centralize key population health functions such as outreach, care management, analytics and community engagement. This coordinated approach helps improve outcomes, reduce costs and advance health equity. For both health systems and payers, the value is clear: a single organizational structure that can efficiently manage
    Continue Reading From Volume to Value: Reimagining Care through Population Health Services Organizations

    In a recent decision, the Indiana Court of Appeals (the “Court”) upheld the trial court’s Order for Temporary Commitment, clarifying that a finding of “dangerousness” for civil commitment is not negated by claims of self-defense when the underlying conduct is driven by delusional beliefs. In re Commitment of J.S., No. 25A-MH-979, 263 N.E.3d 165 (Ind. Ct. App. 2025). The Court also reaffirmed the collateral consequences exception to the mootness doctrine.
    Background
    J.S., diagnosed with an unspecified psychotic disorder, presented
    Continue Reading Indiana Appeals Court Clarifies Dangerousness Standard, Reaffirms Mootness Exception in Civil Commitment Case