Honestly, jackals are far nobler and serve a more useful function than these PE vermin. I am at a loss to find an appropriate metaphor; any animal I select doesn't deserve being besmirched by comparison with these money-grubbers.
Predatory fails to accurately describe it; predators serve a useful function too.
Their practices are inhumanly sadistic, short-sighted, usurious and avaricious in the extreme. My wife and I can no longer afford medical care. It costs too much, the doctors are incompetent to some degree and very arrogant, and they employ any an ever excuse to deprive us of money.
Anecdote: I had a TIA; went to ER. It was rather alarming; I feared a tumor. Into the MRI. Total cost about 6000 dollars. Result: we can't find anything, we don't know why. Around the same time, the wife gets an aching belly with a strange red ring around her belly button. Into the ER. Result: 5000 dollars and we don't know why.
I can't afford that.
I shouldn't have to pay to be told 'dunno.' If an auto mechanic fails to fix my car, I ain't paying him. Why should I? He did nothing. Why should I have to pay a doc who does the same?
An incredible story, and told so well. I'm sure there plenty of others who've gone through this merry-go-round. With your permission I'd like to share it, share parts of it that make your point withut getting too personal. I'd like to make people angry enough to do something about it.
It was inevitable with Obamacare. There was massive move of private practice doctors into hospital and corporate doctor groups, and early retirement for others who opted out because of costs, regulations and liability, The ethos from “first, do no harm” to “do as your masters tell you or be cancelled” was proven with Covid mandates. The PE firms are part of the package, if you do the fist the second follows in any for profit corporatized industry whenever there is a hedge to be monetized for short term gains by sharks who smell blood in the water. Same thing happened and is happening to poor people living in trailer parks with the skyrocketing costs of housing now. USA Inc has turned into one nation under money, that is our false god these days. When you turn away from the source of freedom, consequences follow. Solution? Cancel National Healthcare, it is unconstitutional. Go back to private practice doctors. Anything else is a bandaid on a bleeding artery. Fix it or stay healthy and stay away from “sickcare” it ain’t healthy. Maybe we need to start a black market for doctors, cash only.
I can understand that doctors would be stuck with their local hospital, but what kind of doctor would join one of these practices? Presumably one with low initiative, high debt and not much of a long term stake in the community. That’s exactly the kind of doctor I don’t want.
There are heavy disincentives for joining or starting an independent practice e.g. sorry, you can’t have hospital privileges (admitting or surgical); big debt, as mentioned; fewer older doctor mentors.
Right, I’m guessing that for a lot of reasons it’s impractical for a young doctor to create an independent practice. And once it’s up and running, I’m sure that the practices use non-competes and various entanglements to stop doctors from getting out.
This gives some perspective over the fight over non-competes in DC. Basically in these services businesses they act as a sort of boomer tax where they expect to be paid for leaving and then the various actors have to capitalize the expense.
Over the long term I would expect doctors and hospitals to wriggle out of these arrangements, but as you say PE doesn’t care about the long term.
That’s insane. The courts in Canada are very down on them and really only allow them for key employees for limited time periods and limited geographical areas. They shouldn’t be used to wipe out an employee’s right to work in his field.
Physicians are often forced to sell, or they are looking for a way to get out. Physicians are notoriously, bad businessman, and a group of physicians is like herding cats. Unfortunately, medical reimbursement from insurers has fallen below the increase in cost of healthcare wages and supplies. Medicaid pays less than the cost to deliver. The healthcare and Medicare often pays less as well through methodology they call sequestration. Thus the medical practices are required to get their pound of flesh through commercial insurers, which are all monopolized or essentially have an old oligopoly. A small physician practice does not have the leverage over United healthcare or Blue Cross Blue Shield to demand a 10% increase in reimbursement to make up for the 5-15% healthcare inflation. Usually they are only able to get 3% increase in reimbursement per year while their costs are going up 10 to 15% in healthcare Since 2020.
The PE industry entirely depends on low interest rates. So they are struggling heavily right now. Still not enough though, a lot of them should jump off roofs.
These are prime examples of the Cantillon effect. Parasites par excellence.
Yes, the interest rate thing is particularly true for stuff like this. Fortunately, less true for the helpful stuff that just provides needed and necessary capital
I totally agree. There are so many parasites and jackals that stand between the physician and the patient, and they all are sucking the money out and taking their cut. For example, CMS, insurers, medical schools (under the influence of fraudulent medical research), pharmaceutical companies, healthcare, regulations and so called quality initiatives, coding, malpractice trial lawyers, electronic medical records, clearing houses, billing companies, denial companies, etc.
Honestly, jackals are far nobler and serve a more useful function than these PE vermin. I am at a loss to find an appropriate metaphor; any animal I select doesn't deserve being besmirched by comparison with these money-grubbers.
Predatory fails to accurately describe it; predators serve a useful function too.
Their practices are inhumanly sadistic, short-sighted, usurious and avaricious in the extreme. My wife and I can no longer afford medical care. It costs too much, the doctors are incompetent to some degree and very arrogant, and they employ any an ever excuse to deprive us of money.
Anecdote: I had a TIA; went to ER. It was rather alarming; I feared a tumor. Into the MRI. Total cost about 6000 dollars. Result: we can't find anything, we don't know why. Around the same time, the wife gets an aching belly with a strange red ring around her belly button. Into the ER. Result: 5000 dollars and we don't know why.
I can't afford that.
I shouldn't have to pay to be told 'dunno.' If an auto mechanic fails to fix my car, I ain't paying him. Why should I? He did nothing. Why should I have to pay a doc who does the same?
Thank you for sharing this
I think a lot of people have much the same story
An incredible story, and told so well. I'm sure there plenty of others who've gone through this merry-go-round. With your permission I'd like to share it, share parts of it that make your point withut getting too personal. I'd like to make people angry enough to do something about it.
Go right ahead.
Hope you do!
You are so right. Thanks for sharing your story.
It was inevitable with Obamacare. There was massive move of private practice doctors into hospital and corporate doctor groups, and early retirement for others who opted out because of costs, regulations and liability, The ethos from “first, do no harm” to “do as your masters tell you or be cancelled” was proven with Covid mandates. The PE firms are part of the package, if you do the fist the second follows in any for profit corporatized industry whenever there is a hedge to be monetized for short term gains by sharks who smell blood in the water. Same thing happened and is happening to poor people living in trailer parks with the skyrocketing costs of housing now. USA Inc has turned into one nation under money, that is our false god these days. When you turn away from the source of freedom, consequences follow. Solution? Cancel National Healthcare, it is unconstitutional. Go back to private practice doctors. Anything else is a bandaid on a bleeding artery. Fix it or stay healthy and stay away from “sickcare” it ain’t healthy. Maybe we need to start a black market for doctors, cash only.
Veterinarian practices are also getting bought up by PE.
Yeah it’s insane
And youth sports leagues
I can understand that doctors would be stuck with their local hospital, but what kind of doctor would join one of these practices? Presumably one with low initiative, high debt and not much of a long term stake in the community. That’s exactly the kind of doctor I don’t want.
Yes, exactly
There are heavy disincentives for joining or starting an independent practice e.g. sorry, you can’t have hospital privileges (admitting or surgical); big debt, as mentioned; fewer older doctor mentors.
Indeed. Have a lot of acquaintances in medicine, most in private practice. Dealing with the hospitals is hellish
Right, I’m guessing that for a lot of reasons it’s impractical for a young doctor to create an independent practice. And once it’s up and running, I’m sure that the practices use non-competes and various entanglements to stop doctors from getting out.
This gives some perspective over the fight over non-competes in DC. Basically in these services businesses they act as a sort of boomer tax where they expect to be paid for leaving and then the various actors have to capitalize the expense.
Over the long term I would expect doctors and hospitals to wriggle out of these arrangements, but as you say PE doesn’t care about the long term.
Yeah the non-compete issue is huge. Know a doctor who had to move halfway across the country for a decade to keep working becuase of his
That’s insane. The courts in Canada are very down on them and really only allow them for key employees for limited time periods and limited geographical areas. They shouldn’t be used to wipe out an employee’s right to work in his field.
This article is about a non-profit but covers a lot of the same issues in your article: https://www.theguardian.com/us-news/2024/oct/17/indiana-medical-debt-parkview-hospital
Thanks for sharing!
Physicians are often forced to sell, or they are looking for a way to get out. Physicians are notoriously, bad businessman, and a group of physicians is like herding cats. Unfortunately, medical reimbursement from insurers has fallen below the increase in cost of healthcare wages and supplies. Medicaid pays less than the cost to deliver. The healthcare and Medicare often pays less as well through methodology they call sequestration. Thus the medical practices are required to get their pound of flesh through commercial insurers, which are all monopolized or essentially have an old oligopoly. A small physician practice does not have the leverage over United healthcare or Blue Cross Blue Shield to demand a 10% increase in reimbursement to make up for the 5-15% healthcare inflation. Usually they are only able to get 3% increase in reimbursement per year while their costs are going up 10 to 15% in healthcare Since 2020.
The PE industry entirely depends on low interest rates. So they are struggling heavily right now. Still not enough though, a lot of them should jump off roofs.
These are prime examples of the Cantillon effect. Parasites par excellence.
Yes, the interest rate thing is particularly true for stuff like this. Fortunately, less true for the helpful stuff that just provides needed and necessary capital
I totally agree. There are so many parasites and jackals that stand between the physician and the patient, and they all are sucking the money out and taking their cut. For example, CMS, insurers, medical schools (under the influence of fraudulent medical research), pharmaceutical companies, healthcare, regulations and so called quality initiatives, coding, malpractice trial lawyers, electronic medical records, clearing houses, billing companies, denial companies, etc.
Oh yes, it's much the same story there as well