Dermatologist says patient care suffered after private equity-backed firm bought practice

[Jilly_in_VA]

The email to the health care workers was like something out of “The Wolf of Wall Street.” “We are in the last few days of the month and are only 217 appointments away from meeting our budget,” the August 2020 memo stated. “Don’t forget the August bonus incentive for all patients scheduled in August! That’s the easiest money you can make. Get that money!!”

The “Get that money!!” entreaty wasn’t addressed to a bunch of hard-charging, coke-snorting stockbrokers. It went to Michigan-based employees of Pinnacle Dermatology, a private equity-owned group of 90 dermatology practices across America.

The memo was shared with NBC News by a former Pinnacle employee, Dr. Allison Brown, a board-certified dermatologist and dermatopathologist. Brown says Pinnacle terminated her shortly after she advised management of questionable practices that she contends were hurting patients.

Among the practices Brown alleges: overlooked diagnoses, lost patient biopsies, questionable quality control in the company-owned lab and overbooking of patients without sufficient support staff.

Physicians have a duty to put their patients’ interests first. But when aggressive financiers take over medical operations, the push for profits can take precedence, doctors in an array of specialties have told NBC News. Paying bonuses for increased patient visits may result in unnecessary appointments and costs, for example.

https://www.nbcnews.com/health/health-care/get-money-dermatologist-says-patient-care-suffered-private-equity-back-rcna9152
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My former dentist's office was gobbled up this way and it was a horror show. Same with the only optometrist I trusted.

[RKP5637]

1. Yep, the focus is on money. Patients are just pieces of meat to extract cash from! n/t

[appalachiablue]

2. It doesn't get much more crass and greedy than this,

like something out of the Old Testament. Will they make the staff perform, put on a wrestling match or competition 'game' (like those teachers recently) to fill up enough appointments to meet the quota for bucks?

More and more I'm also encountering this ethos at medical practices. And in other industries, esp. real estate and property mgmt. that are buying up mass amounts of housing.

Private Equity groups have been rapidly taking over industries here and around the globe, and the impacts on the health of the economy and society are profound. Hospitals, nursing homes, medical practices, residential and commercial property, more.

The Wolf of Wall Street film made a real impression on me, very educational, wish I'd seen it earlier. In the 80s and beyond I knew people driven and eaten up by that soul sucking, decadent ideology but didn't realize the full extent and malice until years later.

In the last 5-7 years I've lost several physicians, an opthalomologist who was very good that moved on, a GP who folded up and went elsewhere I think, and an excellent dermatologogy group that stopped accepting all
insurance- went the 'concierge' route I guess.