Arlington, VA — The American Consumer Institute (ACI), a leading education and research organization, today released a detailed statement addressing the potential implications of the proposed “Health Over Wealth Act” by Senator Edward Markey. ACI raises significant concerns regarding the bill’s approach and its impact on healthcare system efficiency and market dynamics.
Read the full comment here.
Key Takeaways from ACI’s Analysis:
- Market Dynamics and Ownership: The bill proposes restrictive measures on private equity ownership of healthcare facilities, which could undermine the operational improvements and service expansions that benefit underserved areas.
- Regulatory Impact: The proposed legislation would empower the Department of Health and Human Services (HHS) with excessive regulatory oversight that may lead to conflicts of interest similar to those observed between the FDA and pharmaceutical companies.
- Economic Consequences: By favoring larger entities capable of absorbing higher regulatory costs, the bill could inadvertently reduce competition, leading to higher healthcare costs and less innovation.
- Legislative Focus: ACI suggests that Congress should prioritize reviewing existing regulations that inflate healthcare costs rather than imposing new ones that could further stifle competition and innovation.
ACI advocates for a healthcare system that balances regulation with market-driven efficiencies to ensure the best outcomes for consumers. As the Senate considers the “Health Over Wealth Act,” it is crucial to consider these unintended consequences that could arise from well-intentioned but potentially flawed legislative efforts.
We urge stakeholders and policymakers to join us in calling for a more balanced approach that fosters both innovation and accessibility in healthcare.
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The American Consumer Institute is a nonprofit education and research organization. For more information about the Institute, visit www.TheAmericanConsumer.Org or follow us on X @ConsumerPal.