Last Thursday, Senator Ed Markey (D-MA) introduced S. 4804, the Health Over Wealth Act, a bill to place new requirements on private investment in the health care industry. A House companion bill, H.R. 9156, was introduced by U.S. Representative Pramila Jayapal (D-WA).
After months of sustained advocacy efforts in which Argentum called for assisted living to be exempted from any private equity legislation, the final version of the legislation as it was introduced does not include assisted living in the primary definition of covered health care entities subject to the bill's requirements.
This is significant because, while the legislation has little chance of passage in the closing weeks of the 118th Congress, it was critical that assisted living be exempted from the definition in the event that provisions of the bill are added to other legislation in this Congress or, as is likely, it is reintroduced in the next Congress.
Argentum worked directly with Senator Markey's office and key members of the Senate Health Education Labor and Pensions (HELP) Committee since the discussion draft was first released in April. In addition, Argentum along with its State Partner, the Massachusetts Assisted Living Association, held meetings with Senator Markey’s office to discuss why assisted living did not belong with other entities that were initially included in the legislation, as well as the positive impact private finance has on the senior living sector that has yielded quality care and high resident satisfaction.
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Argentum Advocates Monthly Policy Briefing Join us this Wednesday, July 31 at 2:00 p.m. ET for the Argentum Advocates monthly policy briefing, which will provide important details about the Health Over Wealth Act and our efforts to exclude assisted living from the legislation. Argentum Advocates are invited to these exclusive sessions to hear directly from Argentum’s federal lobbyists on our current federal and state public policy efforts. Register now. |