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Equity ResearchHealthcare |Healthcare Services andHealthcare Technology April 22, 2026Industry Report Ryan S. Daniels, CFA+1 312 364 8418rdaniels@williamblair.com Healthcare MosaicShifting Sites of Care: EvolvingIndustry Trends Signal MajorShift in Points of Care Delivery Jared Haase, CFA+1 312 364 5135jhaase@williamblair.com Matthew Mardula+1 312 364 5385mmardula@williamblair.com Contents Summary............................................................................................................................3Introduction.......................................................................................................................4Novel Policy Initiatives and Payment Models Drive Site-of-Care Changes.......................6I. Elimination of the Inpatient-Only List (IPO List) Could Have Massive ImplicationsOver the Next Five Years..........................................................................................6II. CMMI ACCESS Model Is Also Designed to Shift Care Delivery Into the Home...............9III. Rural Health Transformation Fund (RHTF) Program Creates Flexibility forVirtual, Mobile Healthcare to Address Access Barriers..........................................10IV. TEAM Incentives Optimize Post-Acute Care Site Selection for Certain SurgicalEpisodes..................................................................................................................11V. Hospital-at-Home Waiver Extension Provides Clarity for Further Investment.........12VI. Level-Funded Plans Have Incentive to Drive Shifts in Care Delivery Sites................13VII. Non-network Plans Could Shift the Point of Care...................................................14Technology Innovation Further Enables Site of Care Shifts...........................................14I. Employers, Payers Investing Heavily in Digital Tools to Shift Care to Lower-CostSites........................................................................................................................14II. Remote Patient Monitoring (RPM) Tools Will Enable a Shift in Care Delivery tothe Home.................................................................................................................17III. Drone Delivery, AI Companions and Ambient Monitoring, and Robotics WillFurther Promote Home Care..................................................................................19IV. Broader Reimbursement for RPM Another Tailwind...............................................21V. Virtual Care at Scale Can Address Broader Provider Shortages, Imbalances...........22Demographic Trends and Consumer Preferences Align to Push Care TowardPreferred Settings.....................................................................................................23Skyrocketing Employer Cost Trends Causing Care Shifts to On-Site and Near-SiteClinics.......................................................................................................................30Conclusion.......................................................................................................................32Company Profiles............................................................................................................32 Summary In our quarterlyHealthcare Mosaicreport, we select a far-reaching topic of interest in the health-care space and provide a variety of data points and analyses to offer a more complete picture ofwhat it means for the broader healthcare marketplace—and both public and private investors inthe space. In thisHealthcare Mosaicreport—now our 40th in the quarterly series—we take a deeper diveinto the future of care delivery in the United States, with a focus on how changing regulato-ry requirements, emerging provider shortages, evolving consumer preferences, and noveltechnology solutions are all contributing to a massive shift in how and where healthcareis delivered. In our view, this trend not only holds the potential to drive massive reallocation in healthcarespending over the next decade, but could also have important implications across myriad indus-tries—ranging from areas as diverse as home care, AI-enabled care platforms, and telehealth tosectors such as outpatient imaging facilities, on-site and near-site clinics, and ambulatory surgerycenters (ASCs), among others. Accordingly, the purpose of this report is to help investors better understand these trends and thepotential market implications of this shifting point-of-care dynamic over the coming years. More specific, in this thematic report we analyze: •Novel regulatory developments and Centers for Medicare & Medicaid Services (CMS) and Cen-ter for Medicare and Medicaid Innovation (CMMI) initiatives, which hold the potential to shifta significant portion of care delivery to lower-cost settings;•How payers are leveraging AI and personalized care navigation and patient engagement toolsto nudge consumers to more convenient and lower-cost sites of care;•How