The Point of This Newsletter
Everyday, I write to help physicians and healthcare leaders take back control from carriers, from health systems, and from rigged economics.
This week, I’m writing from Washington, D.C., where I’m advocating for HR 2191—the bill to lift the ban on new physician-owned hospitals.
Physicians deserve autonomy, not permission.
Hospitals should compete, not collude.
And you deserve to get paid for the value you create.
🎙 CLIP FROM THE ROJAS REPORT
Title: The $6,229 Drug You Could Get for $11.05
Runtime: 4 min
In this segment, we break down the class-action lawsuit filed by JPMorgan employees—against JPMorgan.
At the center: teriflunomide, a drug for multiple sclerosis.
$32.96 at Rite Aid
$29.24 at ShopRite
$11.05 via Cost Plus Drugs
Billed through JPMorgan’s health plan for: $6,229.
That markup came from the ERISA fund, the same structure physicians use to self-fund health benefits for staff. JPMorgan let Caremark (CVS’s PBM) run the formulary and profits.
💥 Why This Lawsuit Matters to You
This isn’t just a JPMorgan problem—it’s your problem too.
PBMs like Caremark, OptumRx, and Express Scripts:
Inflate prices under your health plan
Control formularies with zero transparency
Penalize generic and cash-pay options
And—yes—bleed your ERISA plan dry
Worse, many physician practices are unknowingly paying for these markups in their own employee plans. It’s the same rigged game.
We’re not powerless—but we must act like employers, not just clinicians.
🏛️ Update from the Hill: HR 2191
This week, I’m in meetings across Capitol Hill, urging support for HR 2191—a bipartisan bill that would lift the federal ban on new physician-owned hospitals.
The ban never made sense. It was written by lobbyists for big systems and their unions—not by physicians, patients, or employers.
Here’s why HR 2191 must pass:
Increases competition in underserved areas
Improves patient outcomes and satisfaction
Drives down prices (yes, even for CMS)
Restores physician control over capital and care
Physician-owned hospitals have outperformed health systems for years. HR 2191 is our chance to restore the right to build, own, and operate.
I’ll be posting updates throughout the week on LinkedIn, X, and The Rojas Report.
Action Items for Independent Physicians
Audit your PBM. If you don’t know who sets your formulary, you’ve already lost. Ask us at info@phycap.com
Reprice your own ERISA plan. Email info@phycap.com and we will show you how.
Support HR 2191 — reach out to your Representative, the GOP Doc Caucus, and demand competition.
Join a Coalition. Get out of your silo. Email me.
Watch The Rojas Report. This is the only media built for and by independent healthcare leaders.
We don’t need better middlemen—we need fewer.
We don’t need a better seat at the table—we need to build our own table.
That’s what HR 2191, ERISA optimization, and direct contracting are really about.
More updates from the Hill tomorrow.
Let’s stay loud, stay organized, and stay independent.
—Dutch Rojas
The Rojas Report
Physicians Capital | PhyCap Fund | PHA
