Take Back Our Hospitals Act of 2026

Key Points

• This bill would ban Medicare payments to any hospital or skilled nursing facility owned or controlled by private equity funds, their affiliates, or real estate investment trusts. The goal is to remove profit-driven investment groups from control of essential healthcare facilities that serve Medicare patients.
• Facilities already owned by these investment firms on the date of enactment would get a three-year grace period to change their ownership structure. After that window closes, they must be under different ownership to keep receiving Medicare money.
• The bill defines ownership broadly, covering anyone who directly or indirectly owns 10 percent or more of voting securities or has the power to direct management, assets, or policies. This is designed to prevent firms from using complex corporate structures to hide their control.
• Both the facility and its parent investment firm would be jointly liable for any penalties resulting from violations. This ensures that private equity firms and REITs cannot dodge financial consequences by hiding behind subsidiary companies.
• Covered firms include private equity funds, corporations owned or controlled by private equity funds, and real estate investment trusts (REITs). The definitions draw on existing investment law to clearly identify which entities fall under the ban.