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Specifically, the equity firms cut corners, slash services, lay off staff, lower quality of care, take on substantial debt, and reduce charity care, leading to lower ratings and more medical errors, the reports collectively find.

Last week, the financial watchdog organization Private Equity Stakeholder Project (PESP) released a report delving into the state of two of the nation's largest hospital systems, Lifepoint and ScionHealth—both owned by private equity firm Apollo Global Management.

The other report, a study published in JAMA late last month, found that the rate of serious medical errors and health complications increases among patients in the first few years after private equity firms take over.

"These findings heighten concerns about the implications of private equity on health care delivery," the authors concluded.

It also squares with PESP's investigation, which collected various data and media reports that could help explain how those medical errors could happen.

Private equity firms often take on excessive debt for leveraged buyouts, but this can lead cash to be diverted to interest payments instead of operational needs, PESP reported.

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