Saturday, September 27, 2014

Health Deformer's PEU Targets Hospice

The Tennessean reported:

The private equity arm of New York health care investment firm Consonance Capital announced today the closing of a $500 million private equity fund.

The private equity extension of the firm, called Consonance Capital Partners, was co-founded by former Tennessee Department of Human Services Commissioner Nancy-Ann DeParle.

DeParle served as President Obama's conflicted health reformer   DeParle's financial disclosure statements showed residual payouts from her time as a private equity underwriter with CCMP, but never showed any PEU holdings.

And the public wonders why private equity gets preferential treatment from politicians and regulators.  Insiders design a system they can later mine for huge returns while paying no income taxes.  PEUs are virtual nonprofits.

Consonance Capital invested in a hospice pharmacy provider Enclara Health.  It then metastasized with the addition of Hospice Pharmacia and PBM Plus.  The cancer of greed and political insider connections will not save America's hospices, a service rooted in volunteerism and donated funds.

Hospice clinicians rue the limited formularies imposed by such firms and the obsession of providing the cheapest possible medicine vs. that which works best for the patient.  Mail order does not cut it for rapidly changing patients, either for a critical incident or one actively dying with complex symptoms to manage.

The DeParles of the world decided U.S. medicine needed to be cookie cutter.  Hospice of all things should be highly individualized.  DeParle et al's greed does not belong in the hospice arena.  It should not be the locus of obscene profits.

Nancy Ann DeParle is not an oracle but a blasphemer.  I doubt that is the story written by the White House and its current occupant.  President Obama sold his soul early with his many conflicted appointments.  We've seen the tremendous harm they've wrought to date.
I thought there was a small corner of the world unreachable by these people.  Hospice seemed like a safe place where good people could come together to do sacred work.  Apparently I was wrong.  Discordant capital has arrived.

Update 2-19-21:  Nancy Ann Deparle had a banner payday after Consonance Capital sold Enclara Healthcare to Humana in 2020.  Enclara is "one of the nation's largest hospice and benefit management providers."  Yet, Humana intends to spin off Kindred Hospice as it prefers a partnership model for end of life care.