Just before Christmas, Politico published an article featuring truly shocking and heartbreaking stories from nursing homes in Wisconsin. Nursing home residents being roused from their sleep and told to wait in the snowy cold to be relocated without warning. Seniors with urinary tract infections left unchecked and untreated. Facilities closing left and right. The root of the problem, in this case? MidCap Financial, an affiliate of the private equity firm Apollo Global Management, lent money to the nursing home owner Atrium and recommended unsustainable expansion, leading to the complete mismanagement of these senior care facilities to the detriment of vulnerable residents.
This case is, unfortunately, hardly unique in our healthcare system. Across America, private equity firms are buying up crucial, life-saving healthcare services with little oversight or accountability, leading to calamities like what took place in Wisconsin.
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