Thread regarding Ascension Health layoffs

Catholic "CommonSpirit" health system to cut 2,000 jobs:

https://www.fiercehealthcare.com/providers/commonspirit-health-ends-fiscal-year-14b-operating-loss-259m-net-loss

Will Ascension follow?

As a story by the New York Times found, it has $18 billion in cash reserves and in addition, runs an investment company that manages more than $41 billion. It is run by Anthony Tersigni, Ascension’s previous chief executive, who is paid $11 million to oversee the company.

Tersigni has long been the biggest money maker at Ascension Health. As Urban Milwaukee reported in 2018, he earned $13.9 million in compensation in 2015, $17.5 million in 2014 and $14.3 million in 2013 as Ascension’s President and CEO. His 2014 compensation topped that of every other executive at 100,000 nonprofits in the nation.

https://urbanmilwaukee.com/2023/01/11/murphys-law-the-vast-wealth-of-ascension-health/

@2xky+1oDcuuGc

Imagine if you printed potential things one could do onto sheets of paper which you tacked to the wall, one for each possible action you could take. Then you spun round blindfolded and threw a dart, if you kept taking the actions suggested by the dart (including doing nothing when it lands somewhere else) you'd have a significantly more successful management strategy than Ascension.

Yes, and how do they report such a loss when they're receiving a massive public, taxpayer subsidy?

One has to put it all into perspective:

https://indianacapitalchronicle.com/2023/03/30/indianas-venture-capital-hospitals/

"In early January, Ascension St. Vincent announced it was closing 11 clinics in Indiana. Now, I’m sure this was a random coincidence that had nothing to do with pending legislation aimed at their monopoly power. If reporting is true, most of these clinics were profitable. Of course, system-wide, Ascension is fabulously profitable. In the last year for which we have data, they reported making a profit of more than $308, 000 per employee, less than half of which was from healthcare services. Ascension Health is today a financial services firm that claims heritage from Catholic charities, but now only dabbles in healthcare."

"The decision to close less profitable clinics would be a typical business decision of a venture capital firm. But, it is wholly incompatible with the “notion that nonprofits advance the public good.” Ascension is a ‘not-for-profit’ entity in name only. Its behavior is that of a large conglomerate."

• Michael Hicks Commentary | March 30, 2023

https://indianacapitalchronicle.com/2023/03/30/indianas-venture-capital-hospitals/

How could they lose money with all of the jobs they have permanently offshored to other countries where the labor costs are so much lower? They outsourced Rev Cycle and IT and Supply Chain and Lab, so where is all of the money gone?