Medicare Advantage 2026: How Payers Are Choosing Partners
In this episode, Alex Yarijanian breaks down what’s actually showing up in payer conversations right now, long before final CMS rules are published. Drawing from real contracting, network, and delegation discussions, Alex explains why waiting for regulatory clarity is already costing providers and health tech companies leverage.
You’ll hear how payer priorities have shifted from enrollment growth to margin durability, why network narrowing is accelerating quietly, how delegation has become a stress test, and what “value-based care” really means in Medicare Advantage today.
This episode also outlines who is most at risk heading into 2026, the three types of organizations positioned to win, and what provider and health tech leaders should do in the next 90 days to stay relevant.
Who should listen: Provider executives, payer leaders, value-based care operators, and health tech founders navigating Medicare Advantage.
While most providers are waiting on CMS, payers are already narrowing networks and rewriting delegation terms.
Payers are quietly narrowing networks and rewriting delegation expectations. This playbook explains how to do business with MA business for 2026.
If you’re waiting, you’re already reacting—not positioning.
In this episode, Alex Yarijanian breaks down what’s actually showing up in payer conversations right now, long before final rules are published. Drawing from real contracting, network, and delegation discussions, this episode explains why waiting for CMS clarity is already costing providers and health tech companies leverage.
If you’re a provider leader, health plan executive, or health tech founder navigating Medicare Advantage, this episode outlines where payers are pulling back, how expectations are changing, and what it now takes to remain a preferred partner.
Key Topics Covered
- Why payers are no longer optimizing for enrollment growth
- How network narrowing is accelerating quietly—without headlines
- Why delegation has shifted from “reward” to stress test
- What “value-based care” really means in Medicare Advantage today
- Who is most at risk heading into 2026—and why
- The three types of organizations positioned to win in MA 2026
- Practical guidance for what leaders should do in the next 90 days
Key Takeaways
- Medicare Advantage decisions are being made now, not after final rules
- Predictability and margin durability matter more than growth
- Delegation increasingly comes with downside risk and less upside
- Undifferentiated providers and platforms will struggle
- Being hard to replace is the real source of leverage in MA
Who Should Listen
- Provider and practice executives
- Health system and payer leaders
- Value-based care operators
- Health tech founders selling into Medicare Advantage
Final Thought:
In Medicare Advantage, the most expensive decision you can make right now is waiting.
Alex Yarijanian
I want to start by thanking everyone who’s been tuning in. I really appreciate you. It’s incredibly encouraging to see people actually benefiting from these episodes.
The Medicare Advantage episodes in particular have been resonating, so I’m going to do a follow-up and leave you with this as the final episode of 2025.
Here’s the reality: waiting is already costing you leverage.
Medicare Advantage 2026 isn’t something that’s about to happen. It’s already happening.
Not in final rules. Not in press releases. But in peer contracting meetings, network modeling sessions, and internal margin conversations that most providers never see. I’ve been in enough of those rooms this year to tell you—growth barely comes up anymore.
What comes up is predictability. Margin protection. And who payers actually trust when things get tighter.
This is the first full year where payers are operating under the assumption that the easy money is gone. COVID-era enhancements are gone. CMS has been clear: growth at all costs is no longer the model.
It’s taken time for that mindset to translate into real operational change—healthcare is a massive, slow-moving industry—but it has translated now. And when that mindset shifts, everything downstream shifts with it.
Networks. Delegation. Vendor relationships. And who even gets invited into the room.
What payers aren’t saying out loud
First: network narrowing is accelerating—even when it doesn’t look like it.
Publicly, payers talk about value, quality, and access. Privately, the question is much simpler:
Who actually controls cost and utilization when pressure hits?
What I’m seeing isn’t headline-grabbing network cuts. It’s quieter than that:
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Preferred tiers
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Performance exclusions
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“Administrative” changes that conveniently shift volume toward a smaller group of providers
If you’re an independent group without real utilization control—or a hospital-aligned group relying on referrals you don’t manage—you’re already being evaluated differently.
Second: delegation is no longer a reward. It’s a stress test.
For years, delegation was positioned as the prize—capitation, autonomy, upside. That tone has changed.
In recent payer conversations, delegation has shifted from expansion to scrutiny. The questions now sound like:
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Who actually performs under downside?
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Who survives when coding tailwinds disappear?
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Who needs constant exceptions?
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Who can’t transmit encounter data cleanly and on time?
I’m seeing delegation agreements where plans are not even paying providers for the delegated functions—meaning more operational burden, more audit exposure, more downside, with no proportional upside.
Delegation isn’t going away. But it’s coming with more accountability and more risk—and less forgiveness.
Third: “value-based care” now means something much narrower.
Most payers believe providers overestimated their value-based maturity.
Today, value-based care means:
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Defensible documentation
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Real downside readiness
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Predictable utilization
Not pilots. Not care management without authority. Not retrospective bonuses holding the model together.
If your strategy only works if bonuses show up at the end of the year, you’re already misaligned with where MA is headed.
Who loses in Medicare Advantage 2026?
Let’s be clear—the biggest losers won’t be bad actors. They’ll be undifferentiated ones.
That includes:
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Primary care groups without utilization control
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Enablement platforms without risk or operational authority
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Organizations waiting for final rules before engaging payers
By the time rules are finalized, networks are already modeled and decisions are mostly made. Waiting feels safe—but it’s the most expensive decision you can make right now.
Who wins?
- Winner type one: organizations that control decisions, not just referrals.
- Winner type two: groups willing to take selective, intelligent downside—not global capitation, not reckless exposure, but targeted risk: bundles, sub-capitation, narrow performance corridors. When providers say, “Here’s where we’re confident,” payers listen—if you deliver.
- Winner type three: tech and service platforms with accountability.
The future isn’t software alone. It isn’t consulting alone. It’s execution platforms. If you can’t stand behind outcomes financially, selling into Medicare Advantage is going to get harder—not easier.
If I were advising a CEO or practice president right now
Here’s what I’d say for the next 90 days:
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Audit your MA exposure honestly.
Where do you lose money? Who drives variance? Who actually controls outcomes? -
Change how you talk to health plans.
Stop asking about incentives. Start asking where they need predictability. -
Simplify your value-based story.
Fewer partners. Clear accountability. Less abstraction. Complexity no longer signals sophistication—it signals risk.
Final takeaway
Payers are choosing fewer partners—and evaluating them more rigorously.
The real question is whether you help shape those decisions, or whether they’re made without you at the table.
In Medicare Advantage, being hard to replace is real power.
Thanks for tuning in—and until next time.