In Massachusetts, lawmakers are currently holding a hearing to discuss the issue of private equity ownership in healthcare. The focus of this hearing comes as Steward Health Care, which owns nine hospitals in Massachusetts, is facing a financial crisis. State Senator Campbell has expressed a need for more transparency from Steward Health Care.
Governor Maura Healey has criticized the management of Steward Health Care for the current situation. On Monday, lawmakers listened to a top government watchdog who warned about the implications of industry consolidation, for-profit ownership, and private equity investment in healthcare.
The Health Policy Commission Executive Director, David Seltz, shared data showing the increasing involvement of private equity interests in healthcare transactions in Massachusetts. The percentage of transactions involving private equity has more than doubled in recent years. This trend has raised concerns among lawmakers and healthcare officials, highlighting the need for urgent action to address these issues.
Stewart Health Care is currently contemplating withdrawing from the state, a move that would impact the accessibility of healthcare for hundreds of thousands of people. There is a growing focus on the impact of private equity, for-profit ownership, and industry consolidation on the healthcare system in Massachusetts and across the country. The recent crisis at Steward Health Care has brought these concerns to the forefront, prompting calls for reform.
Lawmakers are urgently calling for reforms to address these issues and ensure continued accessibility and affordability of healthcare services.
Overall, there is a growing concern among lawmakers and healthcare officials about the increasing involvement of private equity interests in healthcare transactions across Massachusetts and other states. The recent crisis at Steward Health Care has brought these concerns to light and prompted calls for urgent action to address them.
The percentage of transactions involving private equity has more than doubled in recent years and this trend raises serious concerns about its impact on health care services accessibility and affordability.
The focus on this issue is paramount as it can have significant consequences on patients’ lives if not addressed promptly.
It remains to be seen what actions will be taken by lawmakers to address this issue but it is clear that there needs to be greater transparency and accountability from those involved in private equity ownership in healthcare systems across states.
