Representative says her bill will add transparency to private purchases of nursing facilities
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A bill making its way through the Minnesota Legislature would regulate private equity firms that are snapping up nursing homes and assisted living facilities.
With a rapidly aging population, private equity investors are interested in purchasing long-term care facilities because they can generate a steady flow of income. State Rep. Liz Reyer, DFL-Eagan, who sponsors the bill, said that when private equity firms take ownership of these facilities, quality tends to diminish.
“Concerningly, staffing levels tend to go down, and the level of expertise of people who are being hired also tends to go down,” She said.
The bill aims to add transparency into which companies are purchasing these assisted care facilities and also slow down the process to ensure quality control.
Listen to the full interview by clicking the player above.
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