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Private equity's grip on U.S. hospitals keeps tightening. Over 560 hospitals — nearly 12% of all private U.S. hospitals — are now backed by PE firms, with a handful of investors controlling the bulk of facilities. Concerns over patient safety, quality of care, and limited regulatory oversight are fueling bipartisan calls for action.
Private equity's footprint in U.S. healthcare is bigger than ever. According to new data from the watchdog group Private Equity Stakeholder Project (PESP), 561 hospitals — representing 11.9% of all private U.S. hospitals — are now PE-backed, up from 488 in early 2025. A small number of firms dominate the landscape: Apollo Global Management alone owns 200 facilities, while Welsh, Carson, Anderson & Stowe controls 124.
The quality picture is concerning. Where ratings data was available (only 17% of PE-owned hospitals), most facilities scored three stars or below — compared to four or five stars for non-PE-owned hospitals. Studies have linked PE ownership to higher patient fall and infection rates, and high-profile bankruptcies like Steward Health Care and Prospect Medical Holdings have spotlighted the risks of profit-driven hospital management.
By the Numbers:
Why it matters: With limited federal regulation and growing evidence of quality gaps, PE ownership of hospitals is becoming a major patient safety and policy concern — and lawmakers on both sides of the aisle are starting to take notice.
