Finance
Wall Street Corners Cancer Care on Florida’s Paradise Coast
Investors roll up doctor’s practices across the U.S., and regulators worry about competition.
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The Florida city of Naples is known for its abundance of white-sand beaches, restaurants, and resorts. But when it comes to cancer care, some residents may find themselves with little choice. A single company, GenesisCare, operates all four of the city’s radiation treatment centers.
GenesisCare got its foothold in Naples after buying another chain, 21st Century Oncology, that grew with backing from private equity investors. Throngs of wealthy people hoping to retire on Florida’s Paradise Coast made it plum territory for the business, according to Isaac Vire, a former radiation therapist at 21st Century. “Naples is kind of a cash cow,” he says.