Bill strengthens health care market oversight and imposes guardrails on private equity investments
(BOSTON—7/18/2024) Today the Massachusetts Senate passed urgent reforms to the Commonwealth’s health care system to boost oversight and transparency in the market and improve patient access to prescribed medication and treatment.
Senator Cindy F. Friedman (D-Arlington) took the lead role in developing the Senate’s version of the legislation, which was approved following debate by a vote of 38-2.
The reforms in S.2871 come as Massachusetts continues to manage challenges related to private equity’s mismanagement in health care, which has created uncertainties for patients receiving care and the communities that the healthcare facilities serve. The legislation passed by the Senate would create strong systemic safeguards around private equity in healthcare, a significant step towards preempting future mismanagement.
“The Senate’s comprehensive health care market legislation passed today puts patients and providers back into the focus of the delivery of healthcare, rather than profits,” said Senator Friedman, Senate Chair of the Joint Committee on Health Care Financing. “To ensure that a crisis similar to that surrounding Steward Health Care does not infiltrate our state’s health care system ever again, this bill modernizes and strengthens the health care oversight and transparency tools we have in the Commonwealth. This bill also provides protections for patients and providers, affords our health care regulatory agencies the needed flexibility and scope to oversee the industry as it evolves, and increases the financial transparency of major market players. I thank Senate President Spilka, Chair Rodrigues, and my Senate colleagues for their attention to these issues.… Read more.