U.S. Healthcare Svcs: Summary of Bernstein's 10th annual Healthcare Services Disruptors Conference

Bernstein hosted its 10th Annual Healthcare Services Disruptors Virtual Conference on Thursday, October 8, 2026. Key takeaways: 1) VBC companies are focused on improving the clinical model vs. growth; 2) all value-based care companies at the event were specialty in some sense; 3) VBC and specialty VBC are shifting from broad risk taking to varied revenue models tied to results; 4) cell and gene therapy costs are driving unacceptable risk pool impacts to employers and even smaller MCOs, creating a need for improved reinsurance and cost management; 5) transparent PBM models have been growing; and 6) delivering primary care more efficiently is seeing increased demand even in non-VBC environments. Privately held disruptors hosted included Aradigm, Cityblock, Evergreen Nephrology, Galileo, LucyRx, Main Street Health, and Somatus. Bernstein rates AGL, CNC, CI, CVS, ELV, HUM, MOH and UNH Outperform, and HCA Market-Perform, with respective target prices.