Milliman：2025年美国联邦医疗保险优势计划研究报告：行业变革与挑战应对（英文版）

2024 Part C CMS-HCC risk score model introduced with substantial clinical revisions. ▪ CMS estimates the combined impact of new model phase-in and annual normalization factor updates to be -2.2% in 2024, -2.5% in 2025, and -3.0% in 2026. ▪ Milliman study estimated the fully implemented impact of the new model to be -3.5% to risk scores on average. ▪ Impacts of the 2024 model can vary significantly by MAO and plan type.