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About 4 months after emergency medicine physician Jessica (a pseudonym used out of fear of retaliation from her employer) joined a Michigan hospital in 2014, the department’s staffing group was bought out by TeamHealth, a staffing firm backed by the private-equity behemoth Blackstone.
Ever since Emergency Medicine Specialists (EMS) — which touts itself as one of the oldest emergency physician groups in Michigan — was acquired by TeamHealth, “it’s been pretty much a disaster,” Jessica told MedPage Today.
Over the past 10 years, private equity firms like Blackstone and KKR — which acquired physician staffing group Envision Healthcare in 2018 — have racked up billions in revenue by investing in staffing companies like TeamHealth. Envision and TeamHealth alone account for 30% of the national outsourcing market of emergency specialists.