DaVita

Pricing is capped by policy. CMS set the CY‑2026 ESRD PPS base rate at $281.71, implying a ~2.2% uplift that tends to lag wage and supply inflation across cycles.

While revenue per treatment rose in 2025 helped by the inclusion of phosphate binders into ESRD payment mechanics and normal rate increases, patient‑care costs per treatment also rose with higher pharmaceutical and compensation expense.

Commercial contracting can carry escalators, but DaVita highlights downward pressure and post‑Marietta plan design risks. Net, we view realized pricing power as moderate: dependable but constrained in the government book, and negotiated but pressured in commercial.