"Prices Tumble For Debt Backing KKR’s $9.9bn Envision Buyout"
Below is an excerpt from the Financial Times
The debt backing KKR’s $9.9bn buyout last year of Envision Healthcare has tumbled in value, reflecting investor fears that greater government scrutiny of US medical billing practices could reduce the company’s revenues.
Fitch, the rating agency, highlighted the concerns this week, placing the company’s $5.4bn loan on its list of “struggling” deals, in another sign of the cracks emerging in the $1.4tn leveraged loan market.
There are now $94.1bn of loans on the Fitch list, up from $74.5bn in July. Envision is the...
"Mystery Group Puts $13 Million Into Ads On Surprise Health Bills"
Below is an excerpt from Bloomberg Government
A shadowy group has spent more than $13 million since July advertising in states with vulnerable senators to oppose legislation that would rein in medical bills that take patients by surprise.
The campaign by a group calling itself Doctor Patient Unity, playing out on television, radio, and on social media in more than 20 states, is helping muddy the congressional debate over how to combat surprise medical bills and could make it harder to pass legislation this year, congressional aides familiar with...
Washington, D.C. – As part of a unified voice of employers, unions, patient and consumer groups as well as health plans calling for new federal safeguards, the Coalition Against Surprise Medical Billing welcomed UNITE HERE, National Business Group on Health, Pacific Business Group on Health, and Public Sector HealthCare Roundtable to its growing membership.
Building on growing consensus across the country, the Coalition and its members are strongly urging Congressional leaders to implement a fair, local, market-based benchmark that would protect patients and lower costs for families and taxpayers and reject arbitration proposals that would give a...
Leading Labor and Employer Groups Urge Congress to Advance a Fair, Market-Based Benchmark, Reject Proposals For Government-Mandated Arbitration
Joining a growing chorus of support for a fair, local, market-based approach to protect patients and families from surprise medical billing, more than 30 key employer and labor organizations are calling on Congress to address the market failure—fueled by a handful of private equity firms—that drives the problem.
The joint letter urges policymakers to protect patients from surprise medical bills the right way: implementing a fair, local, market-based benchmark that would protect patients, families and taxpayers, while rejecting arbitration proposals that would give a green light to certain out-of-network providers to continue charging exorbitant rates for care.
Organizations signing onto the letter include the AFL-CIO, Unite...
"A push on Capitol Hill to stop US patients from being caught unaware by medical bills is weighing on the debt of KKR-backed Envision Healthcare, the target of one of the biggest leveraged buyouts last year. The proposed law, seen as having broad bipartisan support in both houses of Congress, would prohibit providers from hitting patients with large, unexpected costs for treatment. Investors are concerned that a new so-called 'surprise billing' law could crimp revenues at companies such as Envision, which employs emergency-room doctors and anaesthetists through its subsidiary EmCare."
"Envision’s $5.4bn loan due in 2025, sold in September when...
Current arbitration proposals under consideration as part of federal reforms to address surprise medical billing would give a green light to certain out-of-network providers to continue charging exorbitant rates for care.
We can’t solve surprise billing without addressing market failure that drives it in the first place. Arbitration will not protect patients against sky-high charges from out-of-network providers – costs that translate into higher premiums and higher taxes for all of us. More and more groups are urging Congress to reject arbitration as a remedy to surprise medical billing. Read below highlights from the growing chorus of concern among leading consumer groups,...