Illustration: Annelise Capossela/Axios
The Senate HELP Committee on Thursday took the rare step of voting to subpoena the CEO of Steward Health Care to testify at a September hearing as lawmakers investigate the circumstances around the health system's bankruptcy.
Why it matters: The subpoena of Ralph de la Torre was authorized in a bipartisan 16–4 vote, showing the range of concerns about the high-profile health system's financial woes and their effects on patient care.
- Some senators have also used the forum to denounce the role of private equity in health care. The PE firm Cerberus made $800 million off its investment in Steward in 2021.
What they're saying: HELP Chair Bernie Sanders said the Steward situation "epitomizes the type of outrageous corporate greed that is permeating throughout our for-profit health care system."
- Sen. Ed Markey, whose home state of Massachusetts is home to nine Steward hospitals, said the case is one in which private equity is "looting" the health care system.
Between the lines: Although Ranking Member Bill Cassidy was on board with the subpoena, he pushed back on blaming the situation on private equity.
- "Private equity did not cause the situation," he said, arguing that it instead had previously provided important investments in the hospital system.
- He did raise concerns that Steward's troubles are "threatening patients' access to lifesaving care."
- Cassidy's comments further indicate that Markey's legislation to crack down on private equity's role in health care is unlikely to get GOP support to move forward.
