"Where did the money go?"
"Ascension had started cutting costs to avoid a predicted deficit, but in the end, the system was not in financial danger. “Over the five years in which Ascension executives had projected the $5.2 billion loss, the system instead earned $2.7 billion in profits,” according to The Times."
"Ascension also benefits from large tax breaks because of its nonprofit status. The Times article cites Lown Institute research showing that “because of its nonprofit status, Ascension avoids more than $1 billion a year in federal, state and local taxes.”
"Not only that, Ascension has a booming investment wing. Last year, Ascension won a Shkreli Award (our top ten list of the worst actors in healthcare) for partnering with a global equity firm to create a $1 billion private equity operation."
"Lastly, Ascension paid their CEO Joseph Impecciche $13 MILLION LAST YEAR (most of it in bonuses), according to their tax forms."
"For an institution that claims to be a “ministry, not a business,” Ascension’s priorities are clearly amiss. When patient care and staff well-being are sacrificed for the sake of increased profits, CEO bonuses, and investment ventures, leadership should be held accountable."