All HHS Contracts — March 20, 2026

Deloitte's $468M obligation (72% of period total) with $183M outlaid underscores reliable long-term federal IT revenue through 2025.

CGS's $93M award with $51M outlaid and ceiling to $213M highlights lower-risk cost-plus structure for Medicare MAC services to 2030.

Spectral MD's $87M obligation with $50M outlaid signals strong federal backing for burn wound imaging through 2030.

Long performance periods (2025-2030) across all awards expose to budget cuts or delays; Deloitte's 50% subawards ($231M) erode prime margins.

Performance-tied fees (CGS award fee, Deloitte fixed-price redetermination) vulnerable to cost overruns or unmet milestones.

~$140M unexercised options (Deloitte $19M, CGS $120M, Spectral implied) plus potential extensions to 2030.

Recurring NIH IT (PSC D302) and BARDA R&D needs post-2025 signal follow-on contracts.

Deloitte's outsized $468M NIH award highlights priority on systems integration/hosting upgrades.

CGS's cost-plus MAC contract reflects stable demand for claims processing amid aging demographics.

Spectral MD's BARDA funding emphasizes burn care imaging amid ongoing emergency tech priorities.

{"entity"=>"Deloitte Consulting LLP", "reason"=>"72% value concentration with high subawards; tracks broader NIH IT spend.", "trigger"=>"Option exercise or 2025 renewal signals"}

{"entity"=>"CGS Administrators LLC", "reason"=>"Largest unexercised options ($120M); Medicare budget sensitivity.", "trigger"=>"Extension beyond 2027 or outlay acceleration"}

{"entity"=>"Spectral MD Inc.", "reason"=>"Early $50M outlay on 7-year R&D; BARDA precedent for scaling.", "trigger"=>"Milestone achievements or tech commercialization"}