That term is more a reference to globalism, consumerism, multinationals, wealth inequality, etc. It's been overused by the public to mean "anything I don't like that has some tentative link to capitalism"
Surely a component of late stage capitalism is the accumulation of wealth leading to anti-competitive practices, in this case resulting in degradation of quality of service. Health care in the US isn’t a competitive business therefore it’s rife for anti-consumer, profit-maximizing change.
But you can have all those things without late-stage capitalism - and private equity predates late-stage capitalism. So saying "it's because of late-stage capitalism" is like saying "it's because of democracy". The private equity is happening within a democracy and late-stage capitalist system, but these are correlations, not causations.
