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House Hearing Slams Private Equity’s ‘Troubling’ Expansion into Health Care

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12019/Pixabay | CC0 Members of Congress took aim at private equity’s expanded role in the U.S. health care system on Thursday, addressing the topic during a special hearing held by the House Ways and Means Subcommittee on Oversight.

Much of the hearing focused on PE’s increasingly prominent role in nursing homes, as the COVID-19 pandemic has triggered heated debates about perceived differences in care between for-profit and nonprofit facilities. The discussion came just over a week after Sen. Elizabeth Warren (D-Mass.) promised to launch an investigation into for-profit and PE-backed nursing homes in light of the recently announced Genesis HealthCare (NYSE: GEN) restructuring.

“It’s past time for a bright light to be shined on how private equity ownership in our health care system affects patient safety, costs and jobs,” Rep. Bill Pascrell (D-N.J.), chairman of the House Ways and Means Subcommittee on Oversight, said at the start of the afternoon hearing. “Private equity’s influence stretches like an octopus.”

While nursing homes captured nearly all of the spotlight, hearing participants likewise raised concerns about private equity’s broader influence across the continuum of care.

PE firms took part in a record number of deals in 2020, despite an economic recession and other challenges related to […]

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