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This is the strategist in brief for September 25th, 2025. Billionaire entrepreneur. Mark Cuban recently hinted at plans to launch a transparent cash pay provider network called Cost Plus Wellness, possibly by the end of the month. Cuban says he's setting up direct contracts with 8,000 providers with an emphasis on cash payments for care. The product appears to be aimed at employers, and Cuban is building the business on top of contracts He negotiated for his own company. While details are scarce, the new business could redirect commercial volumes to the lowest cost providers and shift employer and consumer expectations around price transparency. Moving on to our next market scan. FTC Chairman Andrew Ferguson sent letters to several large healthcare employers, warning them that the agency will crack down on non-compete agreements that harm competition under the Trump administration. The agency has abandoned Biden era efforts to ban non-competes altogether. But it appears to be leaving the door open to case by case enforcement. The FTC lacks jurisdiction over nonprofit entities, but the crackdown could apply to for-profit actors like Optum. These companies could be forced to abandon lengthy and broad agreements, bolstering nonprofit health systems recruitment efforts. In other news, private equity firm, patient Square Capital is acquiring Premier Inc. In a$2.6 billion deal to take the company private. It Premier is the second largest U-S-G-P-O with$84 billion in group purchasing power and more than two thirds of all healthcare providers. As customers, the company's new PE owner could push Premier to negotiate its contracts with health systems more aggressively. On the other hand, an influx of private dollars could help the company invest in its consulting and data analytics services improving its competitive position over rivals like Vizient. And now our final piece of news. At a recent house subcommittee, hearing Republican lawmakers questioned nonprofit hospital's tax exempt status. One of the panel's witnesses criticized Health system DEI efforts arguing that spending should be more directly tied to patient care. House Democrats defended nonprofit hospital safety net role, but there was bipartisan support for greater oversight and reporting. That concludes this week's strategist and brief. Be sure to check out the full version on the web@hmacademy.com. Thanks for listening.