The potential collapse of Steward Healthcare threatens access to health care for communities all across our Commonwealth.
We need accountability here, and law enforcement authorities should carefully review every aspect of this fiasco.
When private equity gets hold of health care providers, it is literally a matter of life and death.
This is a prime example of the danger of private equity. The private equity firms walk away with hundreds of millions of dollars.
I will say it bluntly, turning private equity loose in our health care system kills people.
But it should. And that is really the point here. So, I am also introducing new legislation to change that.
Failure is not an option. We have to fix the system.
They are going to charge everybody who comes in the door more, which means either the taxpayers, the insurance companies, or private individ...
It is insufficient to simply replace one for-profit company with another, like Steward or Optum, without assurances.
Failure to appear is cowardice.
We need to hold these executives accountable. We need to rein in private equity's influence over the health care system.
I have been warning about the dangers of private equity for years.
The Stop Wall Street Looting Act's joint liability provisions would create actual accountability for that kind of corporate profiteering.
The Health Over Wealth Act would protect every patient and provider that private equity touches.
We need to put an end to that, and we can.
We have failed to step up and change the law to protect the delivery of health care system in America.
It is long past time to make sure patient health comes before shareholder wealth in Massachusetts and across our Country.
This hearing is a good start, and I am grateful to Senator Markey for getting the ball rolling.
