Private Equity Quietly Takes Over Emergency Services — And The Consequences Are Dire
The firms have applied cost-cutting, Wall Street-like methods to health care with little oversight or regulation, and vulnerable patients are paying the price.
The New York Times:
When You Dial 911 And Wall Street Answers
The business of driving ambulances and operating fire brigades represents just one facet of a profound shift on Wall Street and Main Street alike, a New York Times investigation has found. Since the 2008 financial crisis, private equity firms, the “corporate raiders” of an earlier era, have increasingly taken over a wide array of civic and financial services that are central to American life. Today, people interact with private equity when they dial 911, pay their mortgage, play a round of golf or turn on the kitchen tap for a glass of water. Private equity put a unique stamp on these businesses. Unlike other for-profit companies, which often have years of experience making a product or offering a service, private equity is primarily skilled in making money. (Ivory, Protess and Bennett, 6/25)