Bipartisan Senate Budget Committee investigation exposes how private equity firms prioritize profits over patients, jeopardizing care and eroding hospitals’ financial health.
Bipartisan Senate Budget Committee investigation exposes how private equity firms prioritize profits over patients, jeopardizing care and eroding hospitals’ financial health.
From the report, the two firms singled out for special scrutiny are:
“ORHC’s private equity-owned operators failed to fulfill seven promises—including legally binding ones—made to ORHC when it was first acquired by a private equity-owned operator in 2010.”
“Despite gross financial and operational mismanagement of its hospitals, LGP took home $424 million of the $645 million that PMH paid out in dividends and preferred stock redemption during LGP’s majority ownership—in addition to over $13 million in fees—that left PMH in severe financial distress.”
So the usual ‘commit murder but it doesn’t count because it was done by paperwork’.