BOSTON, Mass. (SHNS)–At a time when most of the state’s powerful Democrats are decrying private equity investments in the health care system, Sen. Elizabeth Warren was in the Bay State on Monday making a pitch against investment firms wading into the care of animals as well.
Private equity has bought about 30 percent of all veterinary practices in the United States, Warren said during an appearance at the Heal Veterinary Clinic on Monday. These firms have also vertically integrated in the industry, many also buying up the labs where medical testing is done, and the insurance firms that pay for — and more and more frequently deny coverage for — a pet owner, the senator said.
Private equity more common in Mass. health care
“The consequence has been that the quality of care has gone down while prices have gone through the roof. We’ve seen about a 60 percent increase in prices overall,” Warren said.
Steward Health Care used private equity investments in their eight community hospitals in Massachusetts. Those hospitals were reportedly mismanaged before the company went bankrupt earlier this year, leaving two hospitals closed in its wake.