Hospitals Used Relief Money To Pad Their Bottom Lines

Hospitals Used Relief Money To Pad Their Bottom Lines

Hospitals CAUGHT – Look Where Relief Money Really Went

(FeaturedNews.com) – A recent report from experts in North Carolina shows an egregious misuse of COVID-19-related relief funds by the state’s largest non-profit hospital system. It showed hospitals raking in billions of dollars in profits from the pandemic while collecting $1.5 billion more in taxpayer-funded relief.

To make matters worse, the hospitals that figured out how to exploit the system also took available funds from smaller, struggling medical facilities. The report included seven of the state’s largest systems taking in $5.2 billion in profits in 2021. All but two of them had higher margins than they did before the pandemic.

The peer-reviewed report also highlighted $1.6 billion in Medicare Accelerated and Advance Payments while their struggling rural counterparts had difficulty keeping the doors open. Charitable spending by big hospitals also stagnated when there seemed to be more than enough need to go around.

According to WRAL, State Treasurer Dale Folwell (R-NC) said the immense transfer of wealth to the healthcare industry from public funds should be of concern to everyone, regardless of political party. He pointed to Atrium Health, stating “they made $12 billion on the backs of taxpayers.” According to the station, Folwell battled with hospitals for years, once labeling them “a cartel.”

The treasurer believes the solution lies in transparency. He pointed to ending secret contracts with insurance companies, offering clear pricing, and eliminating profit from the Medicare system as crucial steps to solving the problem.

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