Why Should You Care About Corporate Greed in Healthcare?
And Take Action Before You’re a Patient Whose Life Depends on It
Photo by Giorgio Trovato on Unsplash
Almost every day, it seems, another journalist writes an exposé about corporate greed in healthcare. As much as we’d like to deny it, we’ll all be patients one day. That means we’ve got a vested interest in making sure healthcare puts patients above profits.
The Federal Trade Commission (FTC), the Department of Justice (DOJ) and Health and Human Services (HHS), jointly issued a request for information (RFI) about the impact of corporate takeovers on patient care, employee welfare, and the overall integrity of our healthcare services. At the end of last week, they extended the deadline for public comments to June 5, 2024.
Specifically, here is their request:
“Information about the effects on markets, workers and patients of ‘transactions in the healthcare market conducted by private equity funds or other alternative asset managers, health systems, and private payers, especially those transactions that would not be noticed to the Department of Justice and the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act.’”
This RFI represents a crucial opportunity for all of us to weigh in on this controversial issue.
Why This Inquiry Matters
Corporate consolidation in healthcare has accelerated at an alarming rate. From hospitals to specialist providers, large entities are increasingly taking control. To justify consolidation, organizations promise lower costs, better patient satisfaction and better outcomes. But in reality, consolidated organizations often prioritize profit over patient care, leading to increased costs, reduced services, and a general decline in the quality of care. Moreover, healthcare professionals find themselves battling burnout and moral injury at higher rates as they navigate an environment that values financial returns over the well-being of both patients and providers.
The Impact of Your Comments
Public comments are a powerful tool in shaping policy and regulatory actions. By law, the agencies must review all comments, no matter how many. Often, when the agency writes their final response, they will reference specific comments, maybe even yours.
By sharing your insights, personal experiences, and data, you contribute to a broader understanding of the impact of corporate practices in healthcare. This is not just about influencing potential legislation or regulations; it’s about ensuring that the voices of those directly affected are heard—patients, families, and healthcare workers themselves.
How to Submit Your Comments
The FTC has made it straightforward for the public to express their views:
Visit Regulations.gov (https://www.regulations.gov).
Search for the docket related to the FTC's inquiry on healthcare and corporate greed.
Follow the instructions to submit your comment online.
Ensure that your comments are clear and supported by specific examples or evidence when possible. This increases the impact of your contribution and helps the agencies better understand the nuances of the issue.
What to Include in Your Comments
Personal Stories: Share how corporate practices in healthcare have impacted your care or the care of someone you know.
Data and Research: If you have access to studies or data that illustrate the effects of consolidation and corporate practices, include this information.
Professional Experiences: Healthcare workers can provide insights into how these corporate changes have affected their ability to provide care.
Economic Impact: Discuss any observations regarding the economic effects on patients and healthcare systems, such as rising costs or accessibility issues.
The Bigger Picture
The inquiry by the FTC, DOJ, and HHS is a pivotal step toward addressing the deep-seated issues of corporate greed that plague our healthcare system. It opens a pathway for accountability and real change. However, the success of such governmental initiatives heavily relies on active participation from the public. Your input can drive the change toward a healthcare system that prioritizes human lives over profits.
This Matters
We stand at a critical juncture in the fight against corporate greed in healthcare. The extension of the comment period to June 5, 2024, is a rare opportunity to make our voices heard. We urge each one of you to take a moment to contribute to this vital conversation. It’s time to shift the focus from profit back to patient care, and with your help, we can pave the way for a healthcare system that truly cares for its people.
Together, We Can Make a Difference
Photo by Sander Sammy on Unsplash
You can help us by spreading the word, submitting your comments, and encouraging others to do the same. Every comment submitted is a step closer to a more ethical and compassionate healthcare system. Your voice can be the catalyst for change and help us fix moral injury in healthcare.
Let us know when you’ve submitted your comment!