How Private Equity in Healthcare Puts Patients at Risk | Amanpour and Company
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- Опубліковано 6 сер 2024
- COVID-19 shook the American healthcare system to its very foundations, leaving health institutions struggling with high prices and strained budgets. Dr. Ashish Jha led the Biden administration’s response to the coronavirus pandemic. Now he's back at his old job as Dean of the School of Public Health at Brown University. Speaking with Hari Sreenivasan, Dr. Jha lays out how private equity is disrupting the medical industry across America.
Originally aired on January 23, 2024
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Amanpour and Company features wide-ranging, in-depth conversations with global thought leaders and cultural influencers on the issues and trends impacting the world each day, from politics, business and technology to arts, science and sports. Christiane Amanpour leads the conversation on global and domestic news from London with contributions by prominent journalists Walter Isaacson, Michel Martin, Alicia Menendez and Hari Sreenivasan from the Tisch WNET Studios at Lincoln Center in New York City.
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At last some news is talking about this. It's not only the effect of private equities owning clinics, but hospitals and insurance too. The same ones owning/corporate managing into the ground near all apartments and any other rental properties. First the scheme was used on malls. The get more money from destroying all these properties after using subsidies to double indemnity the properties. People don't matter at all in these private equities and corporate equations and they have monopolized everything. You wonder why do many people are homeless with no healthcare. Duh!
I had to go to war as a young man to qualify, but now that I'm 73, I really appreciate having access to the VA health care system. EVERYONE in this country deserves Medicare for All just like ALL other western democracies enjoy AND it would save BILLIONS in our national health care costs AND result in better health outcomes and healthier live for our citizens.
Healthcare and Medicine should not be for profit monopolized business
I'm proud to work for the British National Health Service (NHS). Healthcare is just a tax funded service like education or policing. No insurance, copy's, advertising, expensive administration, Co pays, etc. Americans are lied to about their health system
As a healthcare professional, working in Asia, I need to ask. Aren't many of your doctors already quitting? Aren't a lot of services difficult to access for many people? I've had several patients already go to my country to get treated for basal cell carcinoma, and even a melanoma on the face because they can't even get an appointment in the same month with a specialist. Everyone's being lied to by their system. Including the NHS.
amanpour is one of the greatest of all times
And also veterinary practices, too!!
I'm surprised that government doesn't prevent medical practice monopoly/concentration like it does in tech, airlines, and other industries.
You're SURPRISED?!!!....that is so precious!
Plague stage capitalism, Marx and Engels saw it coming. Eventually there will need to be a revolution to take our country back to have a government for the people not for the private equity firms. I hate Trumpism, but their anarchy is understandable albeit profoundly purposefully misinformed and directed. The invisible hand of the market has been touching us inappropriately.
FTC, DOJ, and HHS are actually working on this. They needed evidence to justify action first because it would otherwise lead to accusations of preventing free markets from organizing themselves efficiently.
We deserve Medicare for all.
Money should go to nurse staffing and other healthcare provider staffing instead of private equity firm profits.
This is killing the specialty of Emergency Medicine - Their taking > 10% off the top
The doctor here is much more diplomatic than he should be. The truth is, private equity firms have proven without a doubt that for profit has no business being in the health care industry. For years they have argued, as he continues to, that healthy competition is good. But it has been proven over and over that universal health care systems are less expensive and have better outcomes.
Such a great interview, I'm not actually surprised, but I'm very very appalled.
nice business model: extract wealth from the middle class when they are most vulnerable - when they are seriously ill and/or in the last few years of life.
FACILITY FEE! Hospital systems adding a facility fee in addition to the doctor’s fee. My husband was referred to an oncologist for a consultation. Doctor spent 10 minutes to tell him that chemotherapy or radiation has not shown any effectiveness for his type of cancer, and possibly immunotherapy may work. A facility fee was a charge for the use of the room for the consultation. He did not do an exam. Apparently, this is standard practice to charge a facility fee for doctors’ practices affiliated with hospital systems and it is perfectly legal. I was also told that only Congress can change the law, and that CMS was aware of the practice.
Yes, I had a simple procedure, 1.5 hours...the Dr. charged me about $2,000, twice. I called to asked why they double billing, the charges even had the same coding. I was told one was for the doctor and the other for the facility. These fees were on top of a mountain of others charges. I was there for less than two hours: total cost: $8,400.
Healthcare should be a nonprofit industry, with significant government support. The priority should be care and not profit.
Omgosh, RN staffing levels can be insanely inadequate. Or when staffing is cutting it close, you can be sure somebody will need to call out or the patient acuity level will rise too high for the staffing.
I appreciate Dr. Jha's comments. I have been a fan of his for years & share his current concerns. I am an RN Quality & Patient Specialist who has been layed off twice in 4 years. Though a critical function, it does not generate a revenue stream so is vulnerable to cuts in both public and private healthcare systems.
Also significantly, private equity firms are doing this to vets and animal care across America.
They want to own it all. It’s a runaway addiction now.
News flash: Unrestrained capitalism may be detrimental to your health. Shocker!
It is unethical to make healthcare a business. That said, private equity doesn't help ANYONE but themselves, whatever their tendrils touch.
Why is it unethical? Don't the doctors who start their own clinics deserve to be able to feed their families?
Medicare for All. No private equity in healthcare.
The contemporary business model of greed, gouging and money worship is way out of line. When Milton Friedman took social responsibility out of the equation back in the 60s he wrote a death sentence for civilization. There’s a point where profits become a harmful addiction and we’ve already passed that place. We are being harmed on every level. At some point total financial collapse won’t be avoidable.
We are going through this in Asheville, NC. OUr world class non-profit hospital was sold to HCA. It has been a downward spiral since. Nurses went on strike and formed a union, many doctors left, duties increased along with salary cut. Hospital staff have complained to the Attorney General. AG office investigating HCA. Medicaire and Medicaid have threatened to terminate payments unless HCA makes corrections. Long wait times in emergency rooms, staffing shortages. HCA has been given deadline to make corrections. For years, the Mission nurses union has maintained lack of resources and staffing have endangered patients and put employees at risk. Our hope is they sell the hospital back to the community so we can restore the hospital we had.
Hopefully, this issue gets more attention, because it's now the American way with almost all goods and services. Venture capitalists leave no stone unturned _(and competition doesn't always remedy)._ Of all the free market economies, of course we're the first to reach this ugly place.
No mention of nutrition, of course.
Privatizing healthcare does not have to mean negative consequences for price and quality of the healthcare. BUT, when it comes to private equity, they have zero interest in the business (health care), their only focus is to make money. A lot of money. So private equity is never a good owner, especially in healthcare.
This often results in taking all the money out of the hospital and then taking out loans and then shuttering the hospital.
Four years ago, while NL was talking about privatizing healthcare, I protested, in vain. The authorities did not want to talk about it. Behind the scenes, things were happening. Now we have virtual care 👍take it or leave it!
Vote for those in the Senate and the House that will support single source Healthcare/Medicare for All.
NOOOO! You'll be very lucky if it's even equal to 'Medicaid for All'.
6:41 as opposed to the last 100 or 2?
18:21 thank you so much for impressing upon us the importance of the goings-on in the health care and wellness areas of society. Nice follow up reiteration of your Monday 8 May 2023 UA-cam upload in conversation with Gretchen Morgenson, titled:
Pulitzer Prize-Winning Journalist: Private Equity Runs - and Wrecks - America.
Private Equity: The Mierdas Touch.
Money worship and advanced greed addiction.
The hospital I work at outsourced their lab work to stupid LabCorp which doesn't care about anything except profit. They were losing specimens and taking so long with results that there was a C. Diff outbreak 🤦♀️
Raygun and Friedman's crescendo of horror
Some good insights, especially re. private equity firms monopolizing healthcare. Because that set up is just plain parasitic. But the notion of competition in healthcare is nuts, too. Getting medical care is not like buying a car. Oh, I fell and I think I broke my back... let's shop around for the best deal. That hospital upstate might have a better orthopedic department.
I can't believe this needs to be said.
Private equity should be nowhere near healthcare. Even with "competition" you have issues that arise. Yes, it might in places be cheaper for patients but in the end all businesses would love to put all its competitors out of business and become a monopoly.
In the US there needs to be regulation so private equity can't just buy up all the healthcare providers in a town or city, there has to be competition. There also needs to be minimum levels of supply of care. Anyone who successfully makes money out of healthcare is basically taking money out of the system that should be spent on patients and increases costs to them.
I have less of a problem with individual practices or hospitals paying those running them salaries needed to get a good service, but paying those who have just come in to make a quick profit, cut healthcare professionals to the bare bones, and then sell practices/hospitals/chains on for a big profit should be illegal.
Private equity destroyed Sears and now they're trying to destroy Macy's.
Doesn’t sound like private equity adds ANY value to our healthcare system.
Profits vs Patients. No contest.
Insurance decides life and or death...or living in proverty the rest of your life. Profit over care. Ego over Spirit.
Absolutely staffing cuts
There are two ways to make money, cut costs and raise revenues. Neither of those are beneficial for peoples health care. Ever since we made hospitals for profit we have seen a steady rise in cost and decline in health care outcomes.
Non-profits hospitals are the problem actually.
If my country, that I have dutifully paid taxes to, does not step up and fix this, I will be dying in some other country so that my children will not lose every single thing I’ve ever worked for to my own healthcare. I have seen it happen over and over for decades. I have experienced this and am right now experiencing this. What am I to do with my mother’s sister, who is alone and not rich and now needs help and lives 1500 miles away. I see no healthy outcomes for her or my family trying to help her.
Medicare pays for almost all of her health care needs. It sounds like you’re talking about long-term care, which often does not require highly trained clinicians but is nonetheless costly due to the labor involved. Americans need to be saving much more to provide for themselves in older age-I’m not sure the solution is to go to another country to have them pay for that home assistance.
I got a colonoscopy at 47 and had 10 polyps and have to go back in 3 yrs
MICROPLASTICS!!! It is all over the world, including Antarctica!!!
There are 9 Massachusetts hospitals are in crisis because what they speak in this.
How do you pay an entity to keep a population healthy without a massive amount of consolidation? Not only do you need to bring the capability to provide complex care in-house, you also need sufficient scale to be able to meaningfully measure success vs. failure. A primary care physician can’t care for a population’s needs with only 3 years of training. Nor can a primary care practice know whether they are doing so effectively because of the random chance involved in health outcomes. Also, prevention is primarily about behavior change-physicians have little influence over what patients already know are unhealthy behaviors. The solution isn’t going to come from paying primary care doctors more to tell their patients to eat healthy.
A health system with the goal to make money instead of making health is fundamentally what is wrong with the system
Healthcare for profit does not work.
Equity in this sense is a misnomer as it's anything but that.
In this context “equity” is used in the other sense of the word: the money value of a property or of an interest in a property. (The English language is very imprecise.)
We are krill for the Wall Street whales.
Ha, ha, ha, markets will fix this!*
*slapping knee with snorting laughter
Any evidence that private equity takeover provides better care? Cheaper care?
Sometimes they do. Sometimes they don’t.
"That's why God Gave Us two arms; so we can take COVID and flu shots on the same day". Eeesh. This guy.
Soy
Siblings and I born Our hospital dch Delaware county hospital closed last year 1 day notice private
Yes, Prospect Medical Holdings and Medical Properties Trust are pure evil.