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05/27/2024 01:41 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=40587
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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: April 25, 2023 03:23 PM
From: Representative Tarik Khan and Rep. Malcolm Kenyatta, Rep. Ben Waxman, Rep. Melissa L. Shusterman, Rep. Elizabeth Fiedler, Rep. Danielle Friel Otten, Rep. Carol Kazeem, Rep. Rick Krajewski, Rep. Dan K. Williams, Rep. Eddie Day Pashinski, Rep. Benjamin V. Sanchez, Rep. Christopher M. Rabb, Rep. La'Tasha D. Mayes
To: All House members
Subject: The Stop Wall Street from Looting our Hospitals Act
 
Hahnemann University Hospital was integral to Philadelphia, providing much-needed health care services to some of the city's poorest residents. As has become a threat across the nation, a private equity firm bought the 170-year-old hospital merely to declare bankruptcy less than eighteen months later. The private equity firm split the land from the hospital under separate ownership, which raised the possibility that the private equity firm was planning to sell the valuable center city land for commercial purposes. The closure meant the end of thousands of local jobs, including union nurses and other allied professionals, a loss of critical lifesaving emergency care in the heart of the city, and the demise of the medical home for countless Southeastern Pennsylvania citizens.
 
Our legislation will prevent this in the future by empowering the Department of Health to review and block the sale of land hospitals sit on if the department determines the sale will harm the hospital's financial health or healthcare delivery to the community. Please join us in co-sponsoring this crucial legislation to fight the wanton private equity takeover of our health system.