Fund the fight demanding reform, challenging Wall Street's octopus-like network, and reining in the private equity industry now!
Private equity’s business model is fundamentally incompatible with health care’s essential purpose. The consequences are quite literally deadly when the public is left with a degraded healthcare system and the increasing possibility of vast areas where healthcare is simply unavailable.
Take Steward Health Care -- the hospital system in Massachusetts that private equity giant Cerberus looted ($800 million!) and then sold off in dire financial shape for the taxpayers and state regulators to pick up the pieces. Cerberus sold off Steward real estate, forced the hospitals to pay $400 million a year in rent for properties they once owned, and paid out dividends while closing hospitals.
Steward Health Care is just one case of a disturbing trend nationwide. Prospect Medical, which operates 16 hospitals in four states, was bought and looted for $658 million through fees charged by private equity firm Leonard Green. In 2019, Philadelphia’s historic Hahnemann Hospital, which primarily served low-income patients, shut down about a year after Apollo Global Management and Harrison Street Real Estate Capital got involved.
In recent months, we’re seeing encouraging forward movement. We published a two-part report, entitled Doctored by Wall Street, detailing private equity’s footprint in healthcare, and outlining Federal policy solutions to address private equity abuses in the sector -- and shared that work directly with federal regulators and elected leaders in Congress. And the U.S. Department of Justice has announced they will investigate private equity’s outsized role in fraudulent healthcare billing.
Contribute to Americans for Financial Reform and fund the fight demanding reform, challenging Wall Street's octopus-like network, and reining in the private equity industry now!
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