Private equity-backed hospitals receive $2.5B in COVID-19 aid

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Gain access to the complete Bloomberg short article here..

Brentwood, Tenn.-based LifePoint Health, owned by personal equity company Apollo Global Management, received $941 million in Medicare loans and $535 million in federal grants, which do not need to be repaid. A LifePoint spokesperson informed Bloomberg that the company required the federal relief help to assist cover greater expenses and lost earnings connected to the pandemic..

Dallas-based Steward Health Care, funded by Cerberus Capital Management, got $427 million in loans and $248 million in grants. In May, Steward moved ownership to a group of doctors, according to the report..

Health center chains owned by three personal equity firms got a combined $2.5 billion in federal grants and loans to offset monetary damage connected to the COVID-19 pandemic, according to Bloomberg.

Los Angeles-based Prospect Medical Holdings, owned by Leonard Green & & Partners, received $234 million in loans and $141 million in federal grants, according to analysis by Bloomberg..

Though the health center chains received the relief help, some legislators have raised concerns about personal equity-backed health care business getting federal COVID-19 relief help..

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