Stephen Schwarzman, the billionaire investor and CEO of TeamHealth parent company Blackstone Group, is an ally of President Donald Trump. However, the two could be at odds as the White House addresses surprise medical billing legislation this spring, according to CNBC.
TeamHealth, a physician staffing firm based in Knoxville, Tenn., has been criticized for balance billing patients for emergency department care they didn't know was out of network and suing those who couldn't pay the bill. TeamHealth said it has stopped the practice.
Blackstone acquired TeamHealth in February 2017 for $6.1 billion. The private equity firm has come out in support of ending surprise medical billing, and is backing one proposal over others: independent arbitration. But lawmakers are also considering a benchmark proposal that would limit out-of-network charges. A senior White House administrator told CNBC arbitration wasn't the government's "originally preferred" policy outcome.
Critics of arbitration say it benefits physicians and hospitals more than other industry players, while opponents of benchmarking say it puts providers at a disadvantage to insurers. Although the White House hasn't come out in support of one option, there is suspicion President Trump could unpredictably switch sides as the bill is moving forward, according to CNBC. It's unclear if his close ties with Mr. Schwarzman will be at odds with policy decisions.
Read the full report here.