All HHS Contracts — January 16, 2026

Full base+options obligation with $447M outlayed signals committed long-term revenue through 2029.

Cost-plus award with $338M outlayed and $362M unexercised options offers upside to $808M by 2028.

Three of four awards to non-small businesses underscore scalable outsourcing in health admin services.

Firm-fixed-price and long tenors (to 2030) expose contractors to cost overruns, delays, and uneven cash flows (e.g., Hensel Phelps 59% outlayed; Comagine 9%).

$41M subawards across 56 recipients introduce subcontracting dependencies.

Unexercised options add $368M potential ($362M Novitas + $6M AIR) in CMS services.

Full $45M obligation to Comagine for Medicare consulting through 2030 signals multi-year CMS priority.

NIH infrastructure spend creates follow-on potential post-2029 Hensel Phelps completion.

75% of value ($966M) in CMS awards for processing, marketplace, and consulting services to 2028-2030.

58% of value in NIH construction with full options exercised through 2029.

{"entity"=>"Novitas Solutions", "reason"=>"$362M unexercised options represent 45% upside on $446M base.", "trigger"=>"CMS option notice or outlay acceleration"}

{"entity"=>"Hensel Phelps Construction", "reason"=>"Largest award (58% total) with $308M remaining on 2029 timeline.", "trigger"=>"outlay milestones or delays"}

{"entity"=>"CMS A/B MAC and MOS programs", "reason"=>"Recurring large-scale outsourcing with extensions to 2028+.", "trigger"=>"new solicitations or funding bills"}