House, 35A, DFL, rep.zack.stephenson@house.mn, 651-296-5513
(Heard as: Jeremy Estenson Estenson Hanson Stevenson )
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House, 49B, DFL, rep.carlie.kotyza-witthuhn@house.mn, 651-296-7449
House, 13B, R, rep.tim.odriscoll@house.mn, 651-296-7808
(Heard as: Driscoll Representative Idrisco O'Driscoll Representative O'Driscoll )
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House, 56A, DFL, rep.robert.bierman@house.mn, 651-296-5506
(Heard as: Bierman Biermann Beerman Berman )
01:07:34,140
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House, 47B, DFL, rep.ethan.cha@house.mn, 651-296-1147
(Heard as: Nick Kadich Schaffer Kadich Cha )
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House, 27B, R, rep.kurt.daudt@house.mn, 651-296-5364
House, 11A, R, rep.jeff.dotseth@house.mn, 651-296-4308
House, 43B, DFL, rep.mike.freiberg@house.mn, 651-296-4176
House, 42B, DFL, rep.ginny.klevorn@house.mn, 651-296-5511
House, 39A, DFL, rep.erin.koegel@house.mn, 651-296-5369
(Heard as: Kegel )
House, 46A, DFL, rep.larry.kraft@house.mn, 651-296-7026
House, 24B, DFL, rep.tina.liebling@house.mn, 651-296-0573
(Heard as: Liebling )
House, 28B, R, rep.anne.neu@house.mn, 651-296-5377
(Heard as: Binley )
House, 31A, R, rep.harry.niska@house.mn, 651-296-2439
House, 14A, R, rep.bernie.perryman@house.mn, 651-296-6316
House, 22B, R, rep.brian.pfarr@house.mn, 651-296-7065
House, 54A, DFL, rep.brad.tabke@house.mn, 651-296-8872
House, 08A, DFL, rep.liz.olson@house.mn, 651-296-4246
(Heard as: Olson Jacqueline Olson )
00:51:11,180 - quality of care is the influx of private equity companies and real estate investment trusts
00:51:27,160 - the private equity and real estate investment trusts from beginning or expanding
00:51:42,680 - company where I assist doctors and private equity companies with contracting, credentialing, ownership changes,
00:52:36,100 - Private equity and real estate investment trusts in health care are
00:53:28,020 - Geriatological Society of America found that private equity ownership of nursing homes in Minnesota
00:56:03,480 - Private equity investment companies
00:56:23,740 - owned or operated by private equity companies often deviate significantly
00:56:32,480 - Private equity firms circumvent
00:56:53,360 - When private equity comes in these
00:57:24,620 - and he shared his deeply distressing experience with working for a specialty practice in Minnesota that was taken over by a private equity firm in the past few years.
00:58:48,340 - the bill to prohibit private equity firms from taking over hospitals,
00:59:01,260 - not profits and that a ban on private equity owning healthcare facilities is maybe one of the most straightforward ways
00:59:11,940 - As of 2019 private equity asset managers had record levels of available capital earmarked for healthcare investment
00:59:20,780 - This is despite the fact that private equity investment healthcare companies carry substantial risks to patients and workers and even investors.
00:59:28,080 - The typical private equity investment playbook,
00:59:38,900 - states where private equity owned healthcare is common,
01:00:14,780 - nurses will be there to support the work of keeping private equity firms out of our healthcare system.
01:02:50,680 - and private equity has no place in healthcare
01:03:59,840 - However, the acquisition of primary care clinics by private equity including
01:04:45,820 - the bigger the profits for the insurer and private equity firm.
01:05:00,560 - over patient care but also perpetuates inequities in health outcomes
01:06:07,260 - I appreciate the opportunity to testify on the important issue of private equity investment in healthcare and thank Representative Hanson for her leadership on this issue and this legislation.
01:06:27,800 - And addressing private equity roll-ups in healthcare and across the economy is key to addressing those challenges.
01:06:39,080 - communities and healthcare workers and private equity is one of the forces driving that.
01:06:55,280 - Cloud metro areas have one private equity company that now owns more than 30% of the physician market for certain specialties and that trends only growing.
01:07:06,060 - The strategy of private equity is to consolidate.
01:10:15,480 - of equity of healthcare
01:11:24,880 - private equity firms that do have
01:11:43,340 - There are private equity firms and they don't tend to get newspaper
01:11:59,600 - this bill tries to define private equity firms or private equity company.
01:12:18,620 - an equity investment.
01:12:53,600 - including sometimes equity investment in healthcare.
01:13:02,320 - even private equity investment in healthcare could be good.
01:14:25,600 - and I think that's a fair way to actually describe some private equity business models.
01:14:53,840 - a private equity fund that
01:15:21,700 - You know, I think equity companies are things that we love and we hate,
01:17:30,540 - you know, private equity comes and asks us for money in a whole host of ways,
01:17:35,960 - And in looking at the private equity shareholder
01:17:43,260 - of the things that it said is after private equity buyout,
01:18:48,040 - private equity companies
01:19:16,080 - 1, private equity companies,
01:19:43,420 - predominantly with these private equity companies on the insurance side of things,
01:20:04,700 - But then once the private equity company purchases it,
01:20:46,600 - And it could be that the private equity company also
01:22:01,680 - Again, if they're uncoupled from the private equity part of the equation,
01:23:15,280 - have learned the differences of how private equity versus real estate kind of does some