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Bad things can happen when capitalism meets medical care, writes Joanne Silberner In his 2022 state of the union address, US president Joe Biden claimed that more and more private financing had been flowing into nursing homes, degrading the quality of care and increasing costs. “That ends on my watch,” he promised. Biden was referring to private equity. That is, money gathered from high level investors for the purpose of buying up companies and maximising profits with the aim of selling the company in 3-10 years at a large profit. In 2021 private equity firms owned 11% of nursing homes, according to an independent agency that provides information to the US Congress on Medicare.1 And it’s not limited to nursing homes. Private equity firms have been buying up physicians’ practices, hospitals, health systems, clinics, obstetrics units, even veterinary clinics. According to an insurance company trade group, private equity firms spent $750bn in healthcare from 2010 to 2019, jump

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