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In a column I wrote last year, I called private-equity firms “healthcare’s house flippers” because what they do—maximize the value of an acquired hospital or medical practice to turn a quick profit—is a lot like what house flippers do—maximize the value of an acquired house to turn a quick profit.
We know from watching home-improvement shows what house flippers do to a newly acquired house to make it more attractive to potential buyers—repair any structural problems, knock down a few walls to open up the first-floor floor plan, remodel the kitchen, expand the master bathroom, landscape the front yard and add a fresh coat of paint to pretty much everything.