- Addus HomeCare Corp (NASDAQ:ADUS) shares had plunged over 28% last Friday after it expressed its view against specific clauses of the Biden Administration’s proposed rule Department of Health and Human Services (HHS), known as “Assuring Access to Medicaid Services.
- The rule proposes that state Medicaid agencies need to provide assurances that a minimum of 80% of Medicaid payments for personal care and similar services be spent on compensation to direct care workers.
- However, Addus believes the specific approach and the proposed minimum threshold would nullify the goal of assuring access to Medicaid services due to the wide variance in state waiver programs directly affecting the administrative burden in individual states.
- The provider of home care services believes the rule may adversely affect many smaller providers.
- Those operating in states with larger rural populations may be unable to continue providing care due to the significant administrative burden required to deliver quality, regulatory-compliant HCBS services.
- Addus HomeCare dropped 30% on the proposed CMS or Centers for Medicare & Medicaid Services rule, says William Blair.
- Today, the stock has recovered 8% in the current trading session.
- Price Action: ADUS shares are trading higher by 8.66% at $88.82 on the last check Monday.
Wells Fargo Maintains Overweight on CMS Energy, Lowers Price Target to $68
Wells Fargo analyst Neil Kalton maintains CMS Energy (NYSE:CMS) with a Overweight and lowers the price target from $78 to $68.
