HCA Profits From Bailout
Last updated 6/29/2020 at 11:39am
According to a June 17 article in the Asheville Citizen Times, HCA (Hospital Corporation of America) has received about $1 billion in bailout funds through the federal Coronavirus Aid, Relief, and Economic Security or CARES Act since the start of the pandemic.
HCA owns 185 hospitals. One billion dollars equals $5,405,405.41 per hospital.
The funds do not need to be repaid.
The bailout amount was cited in a recent New York Times study that reported that HCA earned more than $7 billion in profits over the past two years. It is worth $36 billion. Its chief executive, Samuel Hazen, had total compensation of $26 million in 2019.
How many meals would $1 billion provide for the hungry? How many roofs could it provide for the homeless? Who is guarding the hen house?
I understand that HCA bought Mission Hospital and Transylvania Regional Hospital in February 2019 for $1.5 billion. If true, the CARES bailout effectively repaid HCA two-thirds of that purchase price. Tax dollars at work.