Private Equity Conversations with Fexingo · 2026-06-22 · 13 min
In this episode of Private Equity Conversations with Fexingo, Lucas and Luna examine the rapid consolidation of hospice care by private equity firms. They focus on the specific case of Vitas Healthcare, one of the largest hospice providers in the US, which was acquired by a private equity-backed platform in 2022. The hosts break down the financial logic behind hospice roll-ups - recurring Medicare revenue, regulatory tailwinds from an aging population, and the operational playbook of cutting costs while maintaining census. They also discuss the ethical tension: PE firms' need for returns versus the sensitive nature of end-of-life care. Lucas cites data showing that PE-owned hospices have higher rates of 'live discharges' (patients leaving before death), a controversial metric. Luna questions whether the model prioritizes profit over patient dignity. The episode balances hard numbers with a clear-eyed look at the human cost.
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