“After private equity takeovers, hospitals and nursing homes routinely slash services, staffing, and supplies and upcharge patients while degrading the quality of care. … Elderly patients living in nursing homes owned by private equity face a 11% higher mortality rate,” sponsors Sen. Chris Murphy (D-CT) and Rep. Mary Gay Scanlon (D-PA) said in a joint statement.
“Private equity firms follow a ‘buy, strip, flip’ playbook to reap short-term profits, and sell off what’s left, leaving patients and entire communities to deal with the life-or-death consequences,” they added.
Sens. Richard Blumenthal (D-CT) and Jeff Merkley (D-OR) co-sponsored the legislation in the Senate.”
Medicare banned for private equity-owned nursing homes under new bill