Brentwood, Tenn.-based LifePoint Health, owned by private equity firm Apollo Global Management, received $1.5 billion in federal grants and loans to offset financial damage linked to the COVID-19 pandemic, according to Bloomberg.
The hospital operator received $941 million in loans from the federal government and $535 million in grants, which do not have to be repaid, according to an analysis by Bloomberg.
Though LifePoint qualified for the relief aid, some lawmakers have raised concerns about private equity-backed healthcare companies receiving federal COVID-19 relief aid. As of June, LifePoint’s owner, Apollo, had more than $2 billion to support its investments, according to Bloomberg.
A LifePoint spokesperson told Bloomberg that the company needed the federal relief aid to help cover higher expenses and lost revenue tied to the pandemic. The relief aid allowed the company to avoid layoffs or furloughs, according to Bloomberg.
“No healthcare provider, including LifePoint, is immune to this, regardless of their ownership,” a company spokesperson told Bloomberg.
Read the full Bloomberg article here.
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