With hedge funds and private equity firms spending big in healthcare, legislation would require the state attorney general’s consent for many acquisitions.
A bill pending in California’s Legislature to ratchet up oversight of private equity investments in healthcare is receiving enthusiastic backing from consumer advocates and labor unions but drawing heavy fire from hospitals concerned about losing a potential funding source. The legislation, sponsored by Atty. Gen. Rob Bonta, would require private equity groups and hedge funds to get approval from Bonta's office for purchases of many types of healthcare businesses.
5-million threshold that triggers a requirement to notify federal regulators, so they often slide under the government radar. The Federal Trade Commission is stepping up scrutiny, and last year it sued a private equity-backed anesthesia group for anticompetitive practices in Texas. Lawmakers in several other states, including Connecticut, Minnesota and Massachusetts, have proposed legislation that would subject private equity deals to greater transparency.
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