> But why doesn't this happen to restaurants, or super markets or car mechanics?
I think the word you're missing is yet. Private equity hasn't bought everything and jacked up the prices yet because they have plenty of targets generating reliable profits for them, and they don't have the funds to buy out the entire restaurant industry while also doing everything they're already doing. They would also still have to compete with major national players (McDonald's et al.) who are impossible to buy out, which is something the healthcare industry didn't really have when private equity came knocking.
And notably, it is starting to happen to car mechanics - particularly those who are contracted by insurance companies. It's not hard to imagine a future where they move on to smaller independent car mechanics who are gradually bought out by megacorps and/or private equity, the industry consolidates heavily, and everything gets worse.
I think the word you're missing is yet. Private equity hasn't bought everything and jacked up the prices yet because they have plenty of targets generating reliable profits for them, and they don't have the funds to buy out the entire restaurant industry while also doing everything they're already doing. They would also still have to compete with major national players (McDonald's et al.) who are impossible to buy out, which is something the healthcare industry didn't really have when private equity came knocking.
And notably, it is starting to happen to car mechanics - particularly those who are contracted by insurance companies. It's not hard to imagine a future where they move on to smaller independent car mechanics who are gradually bought out by megacorps and/or private equity, the industry consolidates heavily, and everything gets worse.