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WASHINGTON (AP) — Dr. Mehmet Oz, a well-known heart surgeon and former television personality, has reported a substantial increase in his wealth, much of which is tied to private health care firms. If confirmed as the head of the Centers for Medicare and Medicaid Services, he would be positioned to exert considerable influence over those enterprises, as indicated by a recently disclosed government ethics report.
The 64-year-old has pledged to divest from these companies within three months of his confirmation, assuring that he will refrain from engaging in any matters that could impact his financial interests until that occurs.
Oz’s estimated net worth ranges between $98 million and $332 million, according to an analysis of his disclosure, which provides a range of asset values instead of specific amounts. He gained fame and substantial wealth through his daytime talk show, and his latest financial disclosure shows considerable investments in health-related sectors, including insurance, pharmaceuticals, and wellness products.
In his filing, Oz stated that he intends to liquidate portions of his extensive investment portfolio, which includes major corporations like Walmart and technology firms such as Apple.
His investment profile features up to $5 million in Inception Fertility, a chain of fertility clinics, as well as holdings worth up to $100,000 in the pharmaceutical company AbbVie, and investments up to $600,000 in UnitedHealth Group, the largest health insurer in the country. Additionally, he has up to $5 million invested in Nvidia, which specializes in AI technology used in hospitals.
His advisory role at iHerb, a retail platform for health and beauty supplements, has reportedly earned him as much as $25 million in stock, which he has promised to surrender “as soon as practicable but not later than 90 days after confirmation.” He also indicated plans to resign from this role if he secures the position at CMS.
Lawrence Gostin, a public health expert at Georgetown University, commented on the complexity of Oz’s financial ties, noting, “His investments permeate a variety of sectors within the health care system, including services, artificial intelligence, and medical products. It appears challenging for him to disentangle from these conflicts given the depth of his and his family’s financial involvements.”
A representative for Oz did not respond promptly to inquiries for comments.
Should he be confirmed by the Senate, Oz would oversee critical health insurance programs relied upon by a significant portion of the U.S. population, including Medicaid, Medicare, and the Affordable Care Act.
Medicaid enables low-cost health coverage for millions of America’s most vulnerable citizens, while Medicare provides essential health insurance for older adults and people with disabilities. The Affordable Care Act, a pivotal piece of legislation from the Obama administration, offers insurance options for millions of Americans who fall outside government assistance but lack employer-sponsored coverage.
As the CMS administrator, Oz’s responsibilities would include determining government coverage policies for various medical procedures, hospital stays, and medications, as well as the reimbursement rates for healthcare providers.
Oz previously mounted an unsuccessful campaign in 2022 to represent Pennsylvania in the U.S. Senate as a Republican. During his candidacy, he advocated for an expansion of the Medicare Advantage plan, even though private insurers involved in this program have faced accusations of defrauding the government of substantial amounts.
Before his political endeavors, Oz was a distinguished heart surgeon affiliated with Columbia University and gained widespread recognition through his appearances on “The Oprah Winfrey Show,” where he discussed various health topics including diets and anti-aging procedures. Despite his popularity, he faced significant criticism from the scientific community, with some of his former colleagues at Columbia questioning the validity of the claims he made on television. His promotion of certain weight-loss products led to direct censure during a 2014 Senate hearing.
Oz has also established a rapport with Robert F. Kennedy Jr., who was recently appointed as the nation’s leading health official. Both have expressed concerns regarding unhealthy food practices and the use of pesticides in agriculture.
As of now, the schedule for Oz’s confirmation hearing at the Senate remains undetermined.
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