WASHINGTON — Dr. Mehmet Oz, a well-known heart surgeon and television personality nominated by former President Donald Trump to oversee the Centers for Medicare and Medicaid Services (CMS), has seen his wealth grow significantly, partly due to his connections with for-profit health care organizations that he would influence if appointed, as outlined in a recently submitted ethics report.
The 64-year-old, recognized for his previous career in daytime television, has committed to divesting from these health-related companies within three months should he receive confirmation, and has stated that until that time, he will refrain from engaging in matters that could impact his financial interests.
According to the report, Oz’s estimated net worth ranges between $98 million and $332 million, based on an analysis of the disclosed assets, which are noted in ranges without specific numerical values. His wealth largely stems from his successful media career and lucrative investments, which include a substantial portfolio in health insurance, pharmaceuticals, fertility services, and vitamin manufacturing.
In his financial disclosure, Oz announced plans to shed portions of his diverse investments, which span from major retail companies like Walmart to technology firms such as Apple. His assets include up to $5 million in Inception Fertility, a network of fertility clinics; a potential investment of $100,000 in pharmaceutical company AbbVie; and an interest of up to $600,000 in UnitedHealth Group, the largest health insurer in the U.S. He also holds shares in Nvidia, valued at as much as $5 million, which provides technology solutions for healthcare.
Additionally, Oz’s role as an advisor for iHerb, a platform selling health and beauty products, has resulted in earnings from company stock as high as $25 million, which he has vowed to relinquish “as soon as practicable, but no later than 90 days after confirmation.” He has also indicated he will step down from his position at iHerb if he is confirmed for the CMS role.
His vast investments cover nearly every segment of the healthcare landscape, as highlighted by Lawrence Gostin, a public health expert at Georgetown University. “His financial interests encompass a wide range of health-related services including artificial intelligence and medical products,” Gostin noted. “The intertwining of these financial interests makes it difficult for him to completely separate them from his obligations.”
A representative for Oz did not provide an immediate response to requests for further information.
If the Senate confirms his appointment, Oz would oversee critical health insurance programs that serve more than half the American population, including Medicaid, Medicare, and the Affordable Care Act. Medicaid supports millions of low-income individuals and families with essential healthcare needs, while Medicare ensures that older citizens and the disabled have access to health services. The Affordable Care Act provides insurance options for individuals who do not qualify for government assistance or have employer-provided coverage.
As the head of CMS, Oz would be responsible for key decisions on how the government reimburses various health care services and medications within these programs, as well as establishing reimbursement rates for healthcare providers.
Oz previously made an unsuccessful attempt to win a Pennsylvania Senate seat as a Republican in 2022, during which he advocated for the expansion of Medicare Advantage. This version of Medicare, managed by private insurers, has faced allegations of widespread fraud against the government.
Before his foray into politics, Oz gained fame as a prominent heart surgeon at Columbia University. He initially rose to prominence through his regular segments on “The Oprah Winfrey Show” discussing topics such as weight loss and beauty treatments. In the following years, he hosted his own show, which garnered significant popularity but also faced extensive backlash from the scientific community for the claims he made about certain products. His assertions regarding weight loss solutions even drew criticism from fellow colleagues at Columbia and admonishment from senators during a hearing in 2014.
Despite the controversies, Oz has formed a connection with Robert F. Kennedy Jr., who recently took office as a leading health official. Both express concerns regarding pesticides and unhealthy food practices.
As of now, no date has been set for Oz’s confirmation hearing to become the administrator of CMS.
