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'Health Over Wealth': New Bill Would Crack Down on Private Equity in US Healthcare. (www.commondreams.org)

submitted 5 months ago by [email protected] to c/news

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[–] oakey66 39 points 5 months ago

As someone who works in tech consulting with lots of private equity owned companies, this shit has to stop. They’re segmenting healthcare in a way that is just destroying quality of care. I’m by no means a proponent of the mass consolidation that was happening post Obamacare but having for profit companies carve out specialty care and over charge insurance companies for the privilege while fucking the patients is not the answer. Healthcare needs to be a non for profit endeavor where schooling is affordable, pay isn’t absurd, and services are subsequently affordable for patients.

[–] [email protected] 36 points 5 months ago (1 children)

People > power, please.

[–] [email protected] 11 points 5 months ago* (last edited 5 months ago)

If I won the lottery, the first thing I would do is go to the dentist

[–] Nurse_Robot 9 points 5 months ago

Fucking please

[–] SirDerpy 5 points 5 months ago* (last edited 5 months ago) (2 children)

Sen. Ed Markey and Rep. Pramila Jayapal on Thursday introduced legislation...

The Health Over Wealth Act would increase the powers of the U.S. Department of Health and Human Services to monitor and block private equity deals in the healthcare industry. It would require private equity firms buying healthcare providers to set up escrow accounts large enough to fund five years of operations, and would require more transparency on debt, executive pay, and other financial data, while prohibiting the "stripping" of assets.

Editorial: Five years of cash flow with no asset stripping greatly increases barrier to entry and operational cost. While it may decrease the frequency of bullshit, patient cost will simply rise across the board in response. Markey & Jayapal propose a piece of a solution that they'd like to build upon. Literally no one wants this bill to pass as it is.

[–] Viking_Hippie 14 points 5 months ago (1 children)

Five years of cash flow with no asset stripping greatly increases barrier to entry

That's the whole point: it's meant to disincentivise private equity from seeing healthcare as a business like all others that they can destroy for profit.

patient cost will simply rise across the board in response

Not if it's enforced strictly enough that private equity stays away entirely, see above.

Literally no one wants this bill to pass as it is.

I and probably millions of others would. Healthcare is a basic human need and should never be at the mercy of asset stripping profit vultures.

None of the rules are inherently unreasonable. That they're still considered strict enough to be a barrier speaks volumes about the predatory practices of private equity.

[–] SirDerpy -3 points 5 months ago (1 children)

Not if it's enforced strictly enough that private equity stays away entirely, see above.

naivete

[–] Viking_Hippie 9 points 5 months ago (1 children)

Says the guy complaining on behalf of corporate vultures as if they give a shit whether he lives or dies 🙄

[–] roguetrick 0 points 5 months ago (1 children)

Too little, too late. You'd need something with much more teeth to it to get back to Doctor run healthcare.

[–] [email protected] 1 points 5 months ago

Yeah once these mega corpo bureaucracy is created... You ain't getting rid of it.

Things will get so much worse before we can even get to starting to fix it.