Every company turns people into ATMs, taking their money for a good or service. It is naive to think that companies do not want people unloading their money and consuming whatever it is the company is offering.
Private equity turned vulnerable elderly people into human ATMs
41–50 of 143 posts
Re: Private equity turned vulnerable elderly people into human ATMs
#42My parents ended up being forced by circumstances to move into a retirement home about five years ago. Fortunately, the place turned out to be run by people who mostly cared about their clients and so my parents' lives were basically OK, except that the food sucked (which AFAICT is par for the course at retirement homes). But a few months ago the place was acquired by a different company, which is trying to squeeze o…
Where I live Medicare and Medicaid want people to live (and die) in their own homes. They send out nurses and nurse practitioners to you. That is what I want. After some research I realized the provider that I want which is UTSW in Dallas has a geographical radius that they serve. I am planning to eventually move to be within that radius. https://utswmed.org/medblog/geriatrics-cove-team-makes-house...
It's a nice idea, though I hope I'm humble enough to vacate my house for a younger family that will make the most use of it. By which time I hope to be in a manageable apartment, or perhaps a group home where I can pass the time with others at a similar stage in life.
Re: Private equity turned vulnerable elderly people into human ATMs
#43I have read that the big wealth transfer from boomers won't be as inheritance to their kids but most of it will go the the health and elderly care sectors. Hearing this stuff I totally believe it.
I am thinking about more and more about a plan to off myself once I need expensive care so I am not a burden to the next generation.
Re: Private equity turned vulnerable elderly people into human ATMs
#44My parents ended up being forced by circumstances to move into a retirement home about five years ago. Fortunately, the place turned out to be run by people who mostly cared about their clients and so my parents' lives were basically OK, except that the food sucked (which AFAICT is par for the course at retirement homes). But a few months ago the place was acquired by a different company, which is trying to squeeze o…
I am very sorry for your loss.
Re: Private equity turned vulnerable elderly people into human ATMs
#45Earlier quoted context omitted.
Don’t require states to uniformly respect limited liability granted in other states. Allow them to add limits, requirements, etc. let the different states explore the trade off.
Oof, talk about making compliance difficult and expensive if a company has 50 different sets of regulations to comply with to do business in the US.
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Re: Private equity turned vulnerable elderly people into human ATMs
#46Care sector in the UK is a dumpster fire. Corporations get paid often thousands per day per service user, hire incompetent staff at below minimum wage (if you count unpaid overtime) and pocket the massive margin. It desperately need proper regulation.
Re: Private equity turned vulnerable elderly people into human ATMs
#47My parents ended up being forced by circumstances to move into a retirement home about five years ago. Fortunately, the place turned out to be run by people who mostly cared about their clients and so my parents' lives were basically OK, except that the food sucked (which AFAICT is par for the course at retirement homes). But a few months ago the place was acquired by a different company, which is trying to squeeze o…
I’m sure the new owners are scummy, but the fundamental problem isn’t scummy people. There’s lots of markets that are okay-ish notwithstanding scummy people. Even those with natural lock in effects. The fundamental problem is it is at the intersection of two out of the three areas of the economy that have had insane cost growth over the last 30 years—-housing and healthcare (the third is education.) For the first one…
The other fundamental problem is the demographic profile in most developed countries. We have aging populations, and proportionally fewer young people to care for them. I'll bet most HN users wouldn't want to work at a retirement home or assisted living facility even if it paid well. My father spent his final years in such a facility and dealing with him was quite difficult for the staff there. This will inevitably cause higher costs and lower quality.
Re: Private equity turned vulnerable elderly people into human ATMs
#48Could someone (please not an LLM) attempt to steel man the following position for me: Private equity is overall good for society
There are more PE firms than there are McDonalds in the US. Most of them exist to buy solid companies where ownership wants to cash out or fixing failing cash-poor businesses with good bones.
PE has become shorthand for "thing I don't like", and admittedly there are a lot of horrible evil people in PE. As a concept though, it's pretty benign.
Re: Private equity turned vulnerable elderly people into human ATMs
#49Operational efficiency and care for the elderly will never have mutually beneficial outcomes. Nor will the expectations of the participants on either side of the transaction be compatible.
I fear the objectives of both will always be mutually exclusive.
Re: Private equity turned vulnerable elderly people into human ATMs
#50>Private equity relies on a basic technique known as the leveraged buyout, which works like this: you, a dealmaker, buy a company using just a small portion of your own money. You borrow the rest, and transfer all this debt on to the company you just bought. In effect, the company goes into debt in order to pay for itself. If it all goes well, you sell the company for a profit and you reap the rewards. If not, it is the company, not you, that is on the hook for this debt.
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Not how I've seen this work. These often require a personal guarantee, in some cases the homes of whoever is applying for the loan. So, whoever wrote this article has no idea of the real acquisition process.