# Did Private Equity and Hospital Consolidation Break Public Trust?: 39 Sourced Claims, Contested Facts & Evidence Rising consumer fury traces to private equity buyouts and provider mergers that inflated out-of-pocket costs while cutting care quality. Authors: david HTML: https://moyomap.com/maps/did-private-equity-hospital Markdown: https://moyomap.com/maps/did-private-equity-hospital.md License: HTML and markdown are for reading and citation. Bulk copying and AI training need a written license. See /terms and /developers#maps-data. Cite a claim as: MoyoMap, "Did Private Equity and Hospital Consolidation Break Public Trust?: 39 Sourced Claims, Contested Facts & Evidence", claim {id}, https://moyomap.com/maps/did-private-equity-hospital.md#{id}. “Moyo, a product of SenTeGuard Inc.” ### A 2017 Yale working paper showed that when EmCare (an Envision subsidiary) assumed management of emergency de… Id: claim_53b643a7e959ea2a8c36a8d5 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 A 2017 Yale working paper showed that when EmCare (an Envision subsidiary) assumed management of emergency departments, out-of-network billing rates rose from approximately 32% to over 90%. Labels: Source-linked, Low, known ### Apollo Global Management-owned Lifepoint Health and predecessors breached seven contractual commitments, incl… Id: claim_8bea1a85cb36e7863b679bb6 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Apollo Global Management-owned Lifepoint Health and predecessors breached seven contractual commitments, including capital investment and charity care, made during the 2010 acquisition of Ottumwa Regional Health Center in Iowa. Labels: Inferred, Medium, known ### Private equity-backed firms made up 21% of all healthcare bankruptcies in 2024 and accounted for seven of the… Id: claim_a64a8c39d5709d7eff57ecc5 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Private equity-backed firms made up 21% of all healthcare bankruptcies in 2024 and accounted for seven of the eight largest healthcare bankruptcies that year, despite representing only about 7% of U.S. GDP. Labels: Inferred, Medium, known ### A 2023 BMJ systematic review of 55 studies found private equity ownership was linked to higher costs in 9 of… Id: claim_adb348efbbc0e7504c3482b2 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 A 2023 BMJ systematic review of 55 studies found private equity ownership was linked to higher costs in 9 of 12 studies (with none showing decreases) and harmful quality impacts in 21 of 27 studies. Labels: Source-linked, Medium, known ### A 2023 Harvard-led study of 51 private equity-acquired hospitals found that Medicare beneficiary emergency de… Id: claim_e85241a571aafe1298ea3707 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 A 2023 Harvard-led study of 51 private equity-acquired hospitals found that Medicare beneficiary emergency department mortality increased by 13% post-acquisition, especially where staffing was cut. Labels: Source-linked, Medium, known ### Hospital prices in monopoly markets are approximately 12% higher than in markets with at least four competito… Id: claim_ee907a268e4b018c9c2d8053 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Hospital prices in monopoly markets are approximately 12% higher than in markets with at least four competitors, with merged hospitals increasing prices by over 6% within two years. Labels: Source-linked, Low, known ### Mortality and Staffing Outcomes in PE-Owned Nursing Homes Id: section_0fe79643390795f03ff3ac5d Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Mortality and Staffing Outcomes in PE-Owned Nursing Homes Labels: Inferred, Low ### Antitrust Oversight and Healthcare Roll-Up Enforcement Id: section_90405cfe868c9209fe4c63b8 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Antitrust Oversight and Healthcare Roll-Up Enforcement Labels: Inferred, Low ### Market Concentration and Price Impacts of Practice Acquisitions Id: section_bcc91519578a9c799e2fb2d9 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Market Concentration and Price Impacts of Practice Acquisitions Labels: Inferred, Low ### Public Sentiment on Healthcare Costs and Medical Debt Id: section_cb2fee695ba2fc5cb34ce4b1 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Public Sentiment on Healthcare Costs and Medical Debt Labels: Inferred, Low ### Prospect Medical Holdings Dividend Extraction and Quality Failures Id: section_d2c1184fbb7485c7116219a0 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Prospect Medical Holdings Dividend Extraction and Quality Failures Labels: Inferred, Low ### No Surprises Act and Independent Dispute Resolution Claims Id: section_d75eab328e189a96e8f3f646 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 No Surprises Act and Independent Dispute Resolution Claims Labels: Inferred, Low ### Envision Healthcare and Out-of-Network Surprise Billing Id: section_e580d398271c2c72eb096edd Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Envision Healthcare and Out-of-Network Surprise Billing Labels: Inferred, Low ### Steward Health Care Collapse and Senate Scrutiny Id: section_e93f45ad010816595821cd0e Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Steward Health Care Collapse and Senate Scrutiny Labels: Inferred, Low ### Hospital-Acquired Conditions and Care Quality Under Private Equity Id: section_fbc4b278e30aa1226e828421 Parent: topic_jGBc9jLL9ASG5IvDSua1 Depth: 1 Hospital-Acquired Conditions and Care Quality Under Private Equity Labels: Inferred, Low #### A 2022 JAMA Internal Medicine study established that private equity acquisitions of dermatology, gastroentero… Id: claim_238757ebf04d9c73d4481ffa Parent: section_bcc91519578a9c799e2fb2d9 Depth: 2 A 2022 JAMA Internal Medicine study established that private equity acquisitions of dermatology, gastroenterology, and ophthalmology practices led to a roughly 20% increase in charges and an 11% increase in allowed amounts. Labels: Source-linked, Low, known #### In September 2023, the FTC filed an antitrust lawsuit against U.S. Id: claim_40722da7fe0a9986885f9cfc Parent: section_90405cfe868c9209fe4c63b8 Depth: 2 In September 2023, the FTC filed an antitrust lawsuit against U.S. Anesthesia Partners and private equity firm Welsh Carson for rolling up Texas anesthesiology practices; the claim against Welsh Carson was dismissed in May 2024 while proceeding against USAP. Labels: Source-linked, Low, known #### A December 2023 JAMA study of Medicare claims found a 25.4% increase in hospital-acquired conditions followin… Id: claim_44692ac5959583788a84dc06 Parent: section_fbc4b278e30aa1226e828421 Depth: 2 A December 2023 JAMA study of Medicare claims found a 25.4% increase in hospital-acquired conditions following private equity acquisition compared to matched controls. Labels: Source-linked, Medium, known #### Approximately 6.5% of U.S. Id: claim_786684471636d6976474ae3f Parent: section_bcc91519578a9c799e2fb2d9 Depth: 2 Approximately 6.5% of U.S. physicians were employed by private equity-owned practices in 2024, with PE penetration exceeding 30% in gastroenterology, dermatology, and ophthalmology. Labels: Inferred, Low, known #### Envision Healthcare filed for bankruptcy after the implementation of the No Surprises Act curtailed its out-o… Id: claim_79840d51d7b9703cfa894c96 Parent: section_e580d398271c2c72eb096edd Depth: 2 Envision Healthcare filed for bankruptcy after the implementation of the No Surprises Act curtailed its out-of-network surprise billing revenue following KKR's 2018 $9.9 billion buyout. Labels: Inferred, Medium, known #### Federal Independent Dispute Resolution claim volume reached 1.4 million disputes in 2024 and 2.6 million in 2… Id: claim_86f7508a9b560381a6022e81 Parent: section_d75eab328e189a96e8f3f646 Depth: 2 Federal Independent Dispute Resolution claim volume reached 1.4 million disputes in 2024 and 2.6 million in 2025, compared to an initial projection of roughly 17,000 per year. Labels: Inferred, Low, known #### A 2022 KFF survey found 41% of U.S. Id: claim_8fcaa324add12133e4f94126 Parent: section_cb2fee695ba2fc5cb34ce4b1 Depth: 2 A 2022 KFF survey found 41% of U.S. adults hold medical or dental debt, with about 1 in 7 indebted adults reporting that a healthcare provider denied them care due to unpaid bills. Labels: Source-linked, Low, known #### In March 2024, the FTC, DOJ, and HHS jointly launched their first collaborative cross-government inquiry exam… Id: claim_9b6154eb5097a381a122e064 Parent: section_90405cfe868c9209fe4c63b8 Depth: 2 In March 2024, the FTC, DOJ, and HHS jointly launched their first collaborative cross-government inquiry examining private equity and corporate consolidation roll-up strategies in healthcare. Labels: Source-linked, Low, known #### Private equity firms own roughly 30% of for-profit U.S. Id: claim_a41e80fd88597868845a5317 Parent: section_bcc91519578a9c799e2fb2d9 Depth: 2 Private equity firms own roughly 30% of for-profit U.S. hospitals and acquired the majority of practices post-2015 in specialties including dermatology, gastroenterology, and anesthesiology. Labels: Inferred, Low, known #### Private equity acquisitions of physician practices across 10 specialties rose from 75 deals in 2012 to 484 de… Id: claim_b85043d7f4315f15f4256ef6 Parent: section_bcc91519578a9c799e2fb2d9 Depth: 2 Private equity acquisitions of physician practices across 10 specialties rose from 75 deals in 2012 to 484 deals in 2021. Labels: Inferred, Low, known #### Steward Health Care filed for bankruptcy in January 2024 following a 2016 sale-leaseback transaction with Med… Id: claim_bd12e0b3bdbecf4f41787e09 Parent: section_e93f45ad010816595821cd0e Depth: 2 Steward Health Care filed for bankruptcy in January 2024 following a 2016 sale-leaseback transaction with Medical Properties Trust orchestrated by private equity firm Cerberus Capital Management. Labels: Inferred, Low, known #### Patient-reported high ratings (9/10 or 10/10) declined by 2.4 percentage points and willingness to recommend… Id: claim_c0a7fe49e3287e8b779f545e Parent: section_fbc4b278e30aa1226e828421 Depth: 2 Patient-reported high ratings (9/10 or 10/10) declined by 2.4 percentage points and willingness to recommend dropped 2.1 percentage points at PE-acquired hospitals relative to controls. Labels: Inferred, Low, known #### A Senate Budget Committee investigation found Prospect Medical Holdings paid $645 million in dividends and st… Id: claim_c66a487a305e1c32efae1af1 Parent: section_d2c1184fbb7485c7116219a0 Depth: 2 A Senate Budget Committee investigation found Prospect Medical Holdings paid $645 million in dividends and stock redemptions, including $424 million to majority owner Leonard Green & Partners, while accumulating unsustainable debt that later defaulted. Labels: Inferred, High, known #### Four private equity-owned staffing firms initiated 70% of non-air-ambulance Independent Dispute Resolution cl… Id: claim_cf8129e9d05c8514111b0b62 Parent: section_d75eab328e189a96e8f3f646 Depth: 2 Four private equity-owned staffing firms initiated 70% of non-air-ambulance Independent Dispute Resolution claims under the No Surprises Act during the first half of 2023. Labels: Inferred, Medium, known #### An NBER study by Gupta et al. Id: claim_d797b8af2aafa803fa247173 Parent: section_0fe79643390795f03ff3ac5d Depth: 2 An NBER study by Gupta et al. analyzing 18,000 facility-years found private equity ownership of nursing homes was linked to an 11% higher short-term mortality rate for Medicare patients. Labels: Source-linked, Medium, known #### Private equity acquisitions correlated with statistically significant price increases in 8 of 10 studied spec… Id: claim_e535fa582ae461246720cbd1 Parent: section_bcc91519578a9c799e2fb2d9 Depth: 2 Private equity acquisitions correlated with statistically significant price increases in 8 of 10 studied specialties, spanning from 4% in dermatology and primary care up to 16.4% in oncology and 14% in gastroenterology. Labels: Inferred, Medium, known ##### Surgical-site infections doubled from 10.8 to 21.6 per 10,000 hospitalizations at private equity-acquired hos… Id: claim_3ddb68918879d0936dd315fe Parent: claim_44692ac5959583788a84dc06 Depth: 3 Surgical-site infections doubled from 10.8 to 21.6 per 10,000 hospitalizations at private equity-acquired hospitals despite an 8.1% decline in surgical volume. Labels: Inferred, Medium, known ##### Price increases after private equity acquisition were 1.5 to more than 3 times larger in metropolitan statist… Id: claim_5720cd154fb676c34dd219fe Parent: claim_e535fa582ae461246720cbd1 Depth: 3 Price increases after private equity acquisition were 1.5 to more than 3 times larger in metropolitan statistical areas where one PE firm controlled over 30% of a specialty market. Labels: Inferred, Medium, known ##### Radiology Partners and TeamHealth accounted for 43% of resolved line-item Independent Dispute Resolution clai… Id: claim_6624295796c90a622f4f5bb8 Parent: claim_cf8129e9d05c8514111b0b62 Depth: 3 Radiology Partners and TeamHealth accounted for 43% of resolved line-item Independent Dispute Resolution claims in 2023–2024, typically prevailing and receiving 3 to 4 times standard in-network rates. Labels: Inferred, Medium, known ##### By 2021, a single private equity firm held over 30% market share by FTE physicians in at least one specialty… Id: claim_69d7eee53378fd3def0c9bbf Parent: claim_b85043d7f4315f15f4256ef6 Depth: 3 By 2021, a single private equity firm held over 30% market share by FTE physicians in at least one specialty in 28% of U.S. metropolitan statistical areas, and over 50% share in 13% of MSAs. Labels: Inferred, Medium, known ##### Hospitals acquired by private equity experienced a 27.3% rise in patient falls and a 37.7% rise in central-li… Id: claim_8fc70a66cb2e0bc370decf89 Parent: claim_44692ac5959583788a84dc06 Depth: 3 Hospitals acquired by private equity experienced a 27.3% rise in patient falls and a 37.7% rise in central-line-associated bloodstream infections despite placing 16.2% fewer central lines. Labels: Inferred, Medium, known ##### Gupta et al. Id: claim_9855dacacb014aa2fb21c481 Parent: claim_d797b8af2aafa803fa247173 Depth: 3 Gupta et al. determined that private equity-owned nursing homes increased per-patient Medicare billing by roughly 11% while reducing frontline caregiver staffing. Labels: Inferred, Low, known ##### Steward Health Care CEO Ralph de la Torre was held in contempt of the U.S. Id: claim_cfa6e7a9635b927270dbc218 Parent: claim_bd12e0b3bdbecf4f41787e09 Depth: 3 Steward Health Care CEO Ralph de la Torre was held in contempt of the U.S. Senate for refusing to testify regarding the hospital chain's asset management. Labels: Inferred, Medium, known ##### During Leonard Green's ownership of Prospect Medical Holdings, all but one hospital ranked in the bottom 17%… Id: claim_d900530c96e528b558ec3cd7 Parent: claim_c66a487a305e1c32efae1af1 Depth: 3 During Leonard Green's ownership of Prospect Medical Holdings, all but one hospital ranked in the bottom 17% of CMS quality-of-care rankings, prompting state understaffing investigations in Pennsylvania, Rhode Island, and Connecticut. Labels: Inferred, Medium, known