Human lives are nothing but a form of currency to the oligarchs.
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It depends a bit on the country and type of business.
But yeah private companies can be cheaper and more efficient because the people in charge actually benefit from it. There is often less shit to deal with in the form of bureaucracy.
On the other hand (and this is generally where angelosaxton business culture takes over), this does push for more and more profit since people always want more every year. Everybody likes their yearly wage increase.
In the case of prisons in the US there is a twofold issue, on one hand it’s privatised, but in the other hand there aren’t laws preventing people from doing this bullshit.