A new report finds that the largest 20 nonprofit hospital systems in the U.S. saw their combined net assets soar 62%, or $124 billion, in just three years.
In 2018, the hospitals’ cumulative net assets total $200.6 billion. Assets skyrocketed to $324.3 billion in 2021 after Covid-19 funding flooded the industry. As reported by OpenTheBooks.com, the 20 hospitals racked up a total of $23 billion in congressional Covid funding.
Out of the 20 hospitals, just two paid back a portion of the pandemic money borrowed. Meanwhile, hospital executives took in gigantic rewards, like the CEO at Ascension Healthcare based in St. Louis, Missouri, who made $13 million in 2021.
While hospital executives grew wealthier during the health scare, Americans grew unwell. American life expectancy sharply declined by 2.5 years from 2019 through 2022. Comparable country averages rebounded from a Covid-related drop in 2021, yet the U.S. continued declining in life expectancy.
“So-called “non-profit” hospitals and their CEOs are getting richer while the American people are getting sicker and poorer,” the report asserts.
Additionally, all 20 hospitals failed to fully comply with a Trump-initiated policy that requires price transparency in an effort to spur market competition and inform patients.
These “nonprofit” hospitals get to pick and choose which government policies they follow while taking in massive bonuses at the taxpayer's expense; not to mention, the executives’ bank accounts climb while the health and well-being of our citizens continually decline. Data from the CDC shows that the majority of high school females are depressed, with about 57% reporting persistent sadness and hopelessness. This is a 58% jump from 36% just ten years ago.
Nevertheless, our government assisted in keeping the people at the top of the healthcare system wealthy while bankrupting our own nation.
Convention of States is here to put an end to this madness, and it starts with grassroots support. Please scroll below to learn more about COS and to sign the petition.
