Sick Profit: Investigating Private Equity’s Stealthy Takeover of Health Care Across Cities and Specialties

[TheLoneWolf]

Sick Profit: Investigating Private Equity’s Stealthy Takeover of Health Care Across Cities and Specialties - KFF Health News

Private equity firms have shelled out almost $1 trillion to acquire nearly 8,000 health care businesses, in deals almost always hidden from federal regulators. The result: higher prices, lawsuits, and complaints about care.

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2 year old needed 6 root canals and crowns. Medicaid. No imaging ordered to show need for this procedure. Hypoxemia and brain death.

The public is waking up to the issues with private equity in medical care. I mean really how much of this is medically necessary?

I had rotated at a pediatric children's hospital at a major metropolitan that was bought out by PE and it went from amazing day to day care for sick children to staff begging admin for new/replacement equipment, staffing shortages (way before COVID) and keeping standard items and meds stocked...I repeat... in a tertiary care childrens hospital.

I hate the idea of involving government but imposing some limit on PE controlling swaths of medical care to milk the system is outright crony capitalism. Eg PE holding a nonmajority ownership stake in a medical system.

Rant over

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[deleted1147063]

The problem is not PE owning hospital systems. The problem is that those hospital systems, PE-owned or not, have no real competition.

Break up all the regional monopolies and oligopolies, and suddenly everything will become cheaper and medically necessary, otherwise patients will vote with their feet.

Block hospital mergers. Open and simplify the market. Allow anybody safe to open a medical center or practice anywhere anytime without excruciating paperwork. Eliminate the laws that allow cronyism (e.g. outlaw lobbying, limit private employment of certain former government employees).

This ain't rocket science. It's just the opposite of a corrupt system.

 

[chessknt]

The problem is not PE owning hospital systems. The problem is that those hospital systems, PE-owned or not, have no real competition.

Break up all the regional monopolies and oligopolies, and suddenly everything will become cheaper and medically necessary, otherwise patients will vote with their feet.

Block hospital mergers. Open and simplify the market. Allow anybody safe to open a medical center or practice anywhere anytime without excruciating paperwork. Eliminate the laws that allow cronyism (e.g. outlaw lobbying, limit private employment of certain former government employees).

This ain't rocket science. It's just the opposite of a corrupt system.

You block hospital mergers and suddenly the rural hospitals go out of business because they aren't being propped up by a system that keeps them alive to farm referrals and capture market share and worsen care for that community. Monopoly, lobbying and employment of former government employees is the crux of American business, how could you ever ban it in just healthcare? There is no simple solution here unless we institute an unconditional death penalty executed immediately for fraud but that is also not American.

 

[secretasianman]

Allow physicians to own hospitals and take ownership of the issues…. The public thinks that the doctor is in charge when in reality we have zero power and control of the whole system. And we can’t be in charge because we might profit? Oh look what’s already happening..

The problem is not PE owning hospital systems. The problem is that those hospital systems, PE-owned or not, have no real competition.

Break up all the regional monopolies and oligopolies, and suddenly everything will become cheaper and medically necessary, otherwise patients will vote with their feet.

Block hospital mergers. Open and simplify the market. Allow anybody safe to open a medical center or practice anywhere anytime without excruciating paperwork. Eliminate the laws that allow cronyism (e.g. outlaw lobbying, limit private employment of certain former government employees).

This ain't rocket science. It's just the opposite of a corrupt system.

 

[nimbus]

Allow physicians to own hospitals and take ownership of the issues…

Physician owned surgicenters and offices are some of the worst places I’ve seen. Talk about cheaping out. If nice hospital ORs are the Ritz Carlton, some of these surgicenters are a Super 8 or your garage.

 

[secretasianman]

It goes both ways, some of them are really nice. But yes, the dollar store variety surgicenter can be a bit ridiculous.

Physician owned surgicenters and offices are some of the worst places I’ve seen. Talk about cheaping out. If nice hospital ORs are the Ritz Carlton, some of these surgicenters are a Super 8 or your garage.

 

[dannyboy1]

As if private practice docs never do unnecessary procedures for $$ ?.
Like it or not all these great jobs and great locums rates exist because of demand for our services. That demand is procedures.

 

[GravelRider]

Capitalism, baby. Unchecked, unregulated capitalism. Don’t tread on me.

Allow physicians to own hospitals and take ownership of the issues…. The public thinks that the doctor is in charge when in reality we have zero power and control of the whole system. And we can’t be in charge because we might profit? Oh look what’s already happening..

NAPA was started by doctors.

 

[yossarian22]

Physician owned surgicenters and offices are some of the worst places I’ve seen. Talk about cheaping out. If nice hospital ORs are the Ritz Carlton, some of these surgicenters are a Super 8 or your garage.

I've seen quite the opposite. Large company (nationally run/owned) surgery center around me was described by a patient "looking like an old K-mart."

 

[nimbus]

I've seen quite the opposite. Large company (nationally run/owned) surgery center around me was described by a patient "looking like an old K-mart."

I think I’ve been there. This machine and incandescent OR lights from 1981

 

[GassYous]

I think I’ve been there. This machine and incandescent OR lights from 1981

View attachment 362236

I've used this machine it is a tank

 

[nimbus]

I've used this machine it is a tank

I agree. It’s not modern and it doesn’t have the latest features but it’s a good bulletproof machine.

 

[UscGhost]

Yup, those machines work great for the vast majority of ASC cases.

 

[Dr. Rude]

Yup, those machines work great for the vast majority of ASC cases.

True, but they lack many of the safety features of modern machines. Somebody who trained in the last 10 years or so is likely to be unaware of this.