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The hospital system near my hometown just announced they are filing for bankruptcy. The parent company that bought it, which itself is owned by private equity,
by fprog 2y ago
The hospital system near my hometown just announced they are filing for bankruptcy. The parent company that bought it, which itself is owned by private equity, extracted nearly a billion dollars in profit from hospitals before going bankrupt, according to local reporting. I don’t know what the solution is, but PE is a parasitic blight on society.
- xyst 2y agoSimple - healthcare shouldn’t be treated as a business. Flipping profit on people’s illness is absolutely insane.
- renewiltord 2y agoMost hospitals are actually non-profits so in general you have what you want.
- rurp 2y agoNo, GP said that hospitals should not be run as a busniess. Non-profit status is just another way to structure a business and, in practice, those hospitals extract a similar amount of money from patients as similar for-profit hospitals.
- briffle 2y agoMy local 'non-profit' hospital is one of the most expensive in the state, and has a total monopoly over its area. It paid cash for a $140m new tower right as covid started, and complained loudly about losing $13m one year and having to lay off staff, and not having money to pay nurses more, while sitting on a $1B 'rainy day fund'.