Healthcare Ownership Transparency Act will require private equity firms to disclose ownership interests in nursing homes and other healthcare facilities

WASHINGTON- Today, U.S. Representative Pramila Jayapal (WA-07) introduced the Healthcare Ownership Transparency Act, which will require private equity firms and other financial interests to disclose ownership interests in healthcare facilities. healthcare, including retirement homes. The legislation comes after a study found that 10% more patients die in private nursing homes. This increase in the death rate resulted in 20,150 additional deaths due to private ownership of nursing homes from 2005 to 2017.

“Our seniors deserve dignity, respect and quality care. Their lives are not, cannot and should not be for sale,” said MP Pramila Jayapal. “The Healthcare Ownership Transparency Act will bring much-needed transparency to the ownership of our healthcare and aged care facilities and hold accountable companies that too often put profits before people’s lives.

“Wall Street buying out health care providers threatens to make our failing health care system even worse. Private equity firms are only looking to make a profit and it’s the patients who will suffer,” said Robert Weissman, president of Public Citizen.“This bill would finally help us unravel the maze of private equity vultures buying up healthcare assets and stripping them for coins. This is a critical first step in creating accountability and protecting patients.

“Despite a track record that includes plundering hospitals from the safety net, saddling patients with obscene surprise medical bills and leaving nursing homes understaffed and residents neglected, private equity investments in health care have remained in the shadows. The private equity business model aims to double or triple an investment in just 3-5 years, funding massive payouts for wealthy investors at the expense of the quality of care patients receive,” said private equity player project. “The Healthcare Ownership Transparency Act will shine a light on the shadowy actors on Wall Street behind these practices, so they can no longer plunder critical healthcare infrastructure with impunity.”

In February 2020, a nursing home in Washington recorded the first coronavirus deaths in the country, becoming the epicenter of the pandemic. Ensuring retirement homes provide the quality care our seniors need to live full and healthy lives is essential. By increasing ownership transparency, the Health Care Ownership Transparency Act will help protect the lives of our seniors and patients throughout the health care system. The bill will also require a study of the effects of private ownership and health care consolidation on patient care and outcomes, further protecting older adults from rampant corporate greed.