Crozer's Closure: Speculation's Toll

The article details the impending bankruptcy of Prospect Medical Holdings, a healthcare provider that operates hospitals and clinics across several US states. It argues that Prospect's financial difficulties, stemming from heavy debt and alleged mismanagement by its private equity owner, Leonard Green & Partners, directly threaten vital healthcare services in the communities it serves. The core of the problem lies in Prospect's business model, which prioritizes profit extraction over patient care. Leonard Green & Partners are accused of extracting hundreds of millions of dollars from Prospect through dividends and fees, leaving the company financially vulnerable and unable to adequately invest in its facilities and workforce. The situation is particularly dire in Waterbury, Connecticut, where Prospect owns Waterbury Hospital. The potential closure or severe reduction of services at Waterbury Hospital would leave the community without critical medical care, especially impacting vulnerable populations. The article highlights the lack of accountability and oversight that allows private equity firms to profit from healthcare while jeopardizing public health. It criticizes the capitalist system for prioritizing financial gain over the well-being of communities, leading to the potential collapse of essential healthcare services and the endangerment of lives. find the original article here: https://www.wsws.org/en/articles/2025/05/16/bqfb-m16.html