Source: The American Prospect
by Maureen Tkacik
“Another looted carcass of a for-profit hospital chain filed for Chapter 11 bankruptcy protection over the weekend, just days after it was the subject of an infuriating Senate Budget Committee report. Perhaps more pertinently, the filing comes ten weeks after the Pennsylvania attorney general sued its two founders and the private equity firm Leonard Green & Partners to claw back around $650 million in dividends they extracted from the company while clinicians were laid off en masse, ambulance drivers were forced to pay for their own gas, and rates of bedsores, sepsis, and other hospital-acquired conditions soared to some of the worst in the country. The story of Prospect Medical Holdings is primarily a product of Southern California, long a magnet for health care profiteering.” (01/14/25)
https://prospect.org/health/2025-01-14-private-equity-hospital-bankruptcy-true-crime-twist/