| Wealthiest Hospitals Got Billions in Bailout for Struggling Health Providers |
| Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=54492"><span class="small">Jesse Drucker, Jessica Silver-Greenberg and Sarah Kliff, The New York Times</span></a> |
| Thursday, 28 May 2020 08:25 |
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Excerpt: "A multibillion-dollar institution in the Seattle area invests in hedge funds, runs a pair of venture capital funds and works with elite private equity firms like the Carlyle Group."
Wealthiest Hospitals Got Billions in Bailout for Struggling Health Providers28 May 20
But it is not just another deep-pocketed investor hunting for high returns. It is the Providence Health System, one of the country’s largest and richest hospital chains. It is sitting on nearly $12 billion in cash, which it invests, Wall Street-style, in a good year generating more than $1 billion in profits. And this spring, Providence received at least $509 million in government funds, one of many wealthy beneficiaries of a federal program that is supposed to prevent health care providers from capsizing during the coronavirus pandemic. |
multibillion-dollar institution in the Seattle area invests in hedge funds, runs a pair of venture capital funds and works with elite private equity firms like the Carlyle Group.