On April 3, 2024, Senator Ed Markey held a Congressional Subcommittee meeting to examine for-profit health systems, focusing on Steward Health Care and the role of private equity in health care. In combination with the meeting, Senator Markey released a draft bill entitled "The Health Over Wealth Act” intended to ensure more stringent oversight, greater transparency in health care entity ownership and put safeguards in place to protect workers and preserve access to health care.
Specifically, Senator Markey’s bill would:
- Require private equity ownership of for-profit hospitals to set aside funds to protect access to care.
- Require health care entities owned by private equity to report on their finances, real estate transactions, and dividends delivered to shareholders.
- Require health care entities owned by private equity to report on worker retention, staffing ratios, and average care costs to patients.
- Direct the Department of Health and Human Services to block any real estate agreement that would lead to a long-term weakened financial status of the health care entity.
Click here for a Section by Section summary of the draft bill.