Argentum and the American Seniors Housing Association (ASHA) sent a comment letter yesterday in response to the Request for Information (RFI) issued jointly by the Federal Trade Commission, Department of Justice, and Health and Human Services related to health care consolidation.
While the RFI does not directly include assisted living in its scope, we used it as an opportunity to share the role that private equity and REIT investment play in meeting the growing needs of our aging population who rely on senior living communities. We specifically called attention to the differences of assisted living compared to clinical health care settings, including their residential nature and role in helping to facilitate access to health care services, not being reliant on reimbursements from Medicare, Medicaid, or private insurance, and how private investment has been and will continue to be critical in meeting the housing and care needs of an aging population.
The RFI was issued following a virtual workshop led by the FTC in early March, “Private Capital, Public Impact: An FTC Workshop on Private Equity in Health Care.” There are not yet specific plans for regulations to be issued by the agencies based on this RFI, but we will be closely monitoring. More than 6,000 stakeholder comments were submitted in response to the RFI.
Separately from the RFI but related to concerns with private investment in health care, Argentum is continuing to meet with Congressional offices in anticipation of the "Health Over Wealth Act," to be introduced by Senator Ed Markey (D-MA). The bill, as drafted, includes assisted living in the definition of a “health care entity,” which would be required to comply with transparency and accountability requirements. Argentum has specifically requested that assisted living be removed from the definition of a health care entity. At this time, there is no definitive timetable for the introduction of the bill.
