North Carolina’s Biggest Hospital Systems Made Record Profits While Taking Billions in COVID-19 Relief Funds
June 28th, 2022Via: Epoch Times:
North Carolina’s largest hospital systems made billions of dollars in profits during the pandemic, while simultaneously taking $1.5 billion in taxpayer-funded COVID-19 relief funds, according to a report released Wednesday by the state treasurer’s office.
The report, titled, “North Carolina Hospital Systems Profit During COVID” was published by State Treasurer Dale Folwell who called on the hospital systems to “use their profits to lower costs for patients” or “return unnecessary, taxpayer-funded relief dollars.”
According to the report, Atrium Health, Cone Health, Duke Health, Novant Health, UNC Health, Vidant Health, and WakeMed made a combined $5.2 billion in net profits in 2021 and recorded $7.1 billion in growth in cash and financial investments from 2019 to 2021.
Six of those hospital systems enjoyed higher net profits than in the years before the pandemic, the report states.
That growth came as the seven hospital systems reportedly took $1.5 billion in taxpayer-funded COVID relief meant to help support hospitals who were struggling through the pandemic, as well as another $1.6 billion in Medicare Accelerated and Advance Payments from 2020–2021.
