What the auditors found, and who owns the clinics

Read this before reading the numbers

Not one of these audits attributes a single dollar to private equity. Each audits a state Medicaid program. They find missing session notes, uncredentialed technicians, supervision ratios out of compliance, and billing for naps, meals and holidays, across every provider in the state. They name no company and no ownership type. Putting a dollar figure beside an ownership count and inviting the reader to draw a line between them would be indefensible, so this page does not do it.

Maine is published here for exactly that reason. It carries a finding larger than two of the other audited states and, in this dataset, zero private-equity-owned clinics. Anyone inclined to read a big audit finding as evidence about private equity has to get past that first. A version of this page that quietly dropped the state that cuts against the story would be advocacy, not evidence.

What the pairing does support is narrower and better documented: this is a large, fast-growing Medicaid spend under weak oversight, and the people auditing it cannot see who owns the providers. Wisconsin makes that concrete. The federal provider registry shows 2 of the 48 private-equity-owned centres tracked there, so an auditor working from federal data is working close to blind. That is an argument for ownership transparency, and it needs no causal claim at all.