US EditionCrozer Closure: Gov. Shapiro Calls for Passage of Bill to Prevent Private Equity Ownership of State Healthcare
- Crozer Health closed its hospitals in Delaware County on May 2nd, following the earlier closure of Taylor hospital nearby.
- The closures occurred after Prospect Medical Holdings, a private equity-backed firm, failed to find new owners and declared bankruptcy amid accusations of stripping the healthcare system.
- Governor Josh Shapiro, alongside healthcare professionals and officials, called on Pennsylvania lawmakers to approve legislation aimed at preventing private equity firms from owning state hospitals in order to safeguard patient care.
- A recent study by researchers from two prominent German institutions found that private equity takeovers of hospitals lead to significant cost savings and a 33% decrease in administrative personnel, without increasing hospital closures or compromising essential medical care, although patient satisfaction tends to decline.
- This situation highlights concerns over private equity's role in healthcare, prompting lawmaker action amid warnings of Medicaid cuts that could further threaten rural hospitals and patient access statewide.
17 Articles
17 Articles
After Delaware County hospital closures, Gov. Shapiro pushes bill to limit private equity in health care
After Crozer-Chester Medical Center and Taylor Hospital closed, Gov. Shapiro and Delaware County lawmakers rallied for a bill to prevent private equity firms from closing more Pennsylvania hospitals.
Meadville Tribune
The Tribune-DemocratShapiro repeats call for regulatory reform in wake of private equity hospital closures
HARRISBURG — Gov. Josh Shapiro on Thursday implored Democrats and Republicans in the Pennsylvania General Assembly to pass legislation expanding the attorney general’s authority to block hospital mergers and acquisitions by private equity firms, urging action in a visit to…
Anatomy of a social crime: How financial speculation shuttered Crozer Health in Chester, Pennsylvania
The bankruptcy of healthcare service provider Prospect Medical Holdings has revealed the real face of the capitalist system’s subordination of public health to market forces, leaving an entire community to fend for itself without life saving services.
Crozer closure: Gov. Shapiro calls for passage of bill to prevent private equity ownership of state healthcare
On the heels of the closure of Crozer Health, Governor Josh Shapiro joined together with health care workers in calling on the Pennsylvania state house to pass the Health System Protection Act, in the hope of protecting Pennsylvanians from private equity taking over a health system.
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