Purveyor of pointless trivia, Clipper fan, Star Wars addict, gamer, PR/Dir. Influencer Relations for Call of Duty - I have my opinions & no one else wants them
After more than 36 years at the helm of Raven Software, Brian Raffel has decided to step into a well-earned retirement.
In 1990, inspired by a shared love of storytelling, Brian and his brother Steve set out to build something of their own. What began as a small creative pursuit known as Black Crypt grew into something far, far greater. Over the years, his leadership guided our studio through a wild and shifting industry, shaping it into what it is today.
From dark, otherworldly realms to places that reached far across galaxies, Brian has crafted stories that have left a lasting mark on players around the world. His work spans titles like Hexen, Star Wars Jedi Knight: Jedi Academy, X-Men Legends, Wolfenstein, and many more, each contributing to a legacy of iconic experiences. Those first decades of achievements earned Raven a place among the greats and the trust to shape and evolve Call of Duty over the years.
Beyond great games, Brianโs legacy is also reflected in how he has invested in the people and places around him. His commitment to building games out of Madison, Wisconsin, has grown his home city into a strong hub for game developers and studios. Under his wing, Ravenโs doors have remained open to the next generation of developers, offering a firsthand glimpse into what is possible. As a proud alumnus, his connection to the University of Wisconsin has benefited students pursuing careers in art, design, and technology. Through it all, Brian has remained loyal, humble, and true to himself.
Brian, thank you for the stories, for the path you carved, and for the lives you've changed along the way. The impact you have had is timeless, and we wish you all the best in this next chapter.
Our Legacy Games: https://t.co/NmhciZ2gqL
Private equity firms bought 500 hospitals. Death rates in their emergency rooms went up 13%. They fired 12% of the staff. Then they paid themselves billions in dividends.
A Harvard study just confirmed what doctors already knew: people are dying so investors can hit quarterly targets.
Exactly what happens. A PE firm buys a hospital using debt. The debt gets placed on the hospital's balance sheet, not the firm's. Now the hospital owes hundreds of millions it never borrowed. To service that debt, the hospital cuts costs. Costs mean nurses.
The numbers from the Harvard/University of Chicago study are horrifying. After PE acquisition, emergency department salary spending dropped 18.2%. ICU salary spending dropped 15.9%. Hospital-wide employees were cut 11.6%. Emergency department deaths rose 13%, seven additional deaths per 10,000 visits.
A separate study found patients undergoing surgery at PE-acquired hospitals had 17% higher odds of dying within 90 days.
Steward Health Care, owned by Cerberus Capital, filed bankruptcy with $9 billion in debt after closing hospitals across Massachusetts. The CEO lived on a $40 million yacht while emergency rooms went dark. Eight hospitals serving 2 million people nearly disappeared because a PE fund extracted more cash than the system could survive.
The private equity industry has poured over $1 trillion into healthcare. They operate a quarter of ERs nationwide. This isn't going away.
The investing angle nobody talks about.
Non-PE hospital operators like HCA Healthcare (HCA) and Tenet (THC) are the direct beneficiaries. Every time a PE hospital closes or deteriorates, patients flow to the nearest competitor. HCA has returned 1,200% since 2011. Patient volume from PE closures is a structural tailwind nobody's pricing in.
Medical staffing firms (AMN Healthcare, Cross Country) charge premium rates specifically because PE hospitals cut staff. The staffing shortage IS the business model for these companies.
The disruption play: outpatient surgical centers (SCA Health, now part of UnitedHealth) are pulling profitable procedures out of hospitals entirely. PE-owned hospitals lose their highest-margin surgeries to outpatient, and the death spiral accelerates.
Pull up tradevision and monitor healthcare M&A alerts, hospital closure filings, and patient volume migration data. When a PE-owned hospital announces "restructuring," the patient volume shift to competitors like HCA starts within 30 days. That 30-day window is when the competitor's earnings revisions haven't updated yet. Free to try.
(a private equity firm bought your local hospital. borrowed $500 million in the hospital's name. fired 12% of the nurses. emergency room deaths rose 13%. then they paid themselves dividends. nobody went to prison. they're currently buying another hospital.)
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