As I search for a way to exit, I wonder every day why this is no longer the place it used to be. What happened? It used to be great to work here. Or at least it was great for me. I was fairly treated and my work was appreciated commensurate with the effort I put in. Now the atmosphere is awful. I would not recommend anyone to come here.
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When the nuns started backing out of management is when DOC/Ascension began its descent into secular he-l.
The Catholic hospital system Ascension is running a Wall Street-style private equity fund
By Rachel Cohrs Nov. 16, 2021
Ascension St. Vincent'
Ascension has quietly built out a strikingly unusual private equity operation worth more than $1 billion, a STAT investigation has found.
CLIFF HAWKINS/GETTY IMAGES
WASHINGTON — America’s largest Catholic hospital system, Ascension, has quietly built out a strikingly unusual private equity operation worth more than $1 billion, a STAT investigation has found.
The investigation reveals how far a wealthy, religious, tax-exempt health system can migrate toward behaving like a Wall Street firm — and how little such a system has to disclose about whether or how its profits are benefiting patients.
Related: How America’s largest Catholic hospital system is moonlighting as a private equity firm
Ascension, a more than 140-hospital behemoth based in St. Louis, Mo., has used its wealth to create a sophisticated investment strategy including a partnership with a private equity firm called TowerBrook Capital Partners. While many other nonprofit hospitals have dabbled in private equity investing, Ascension’s strategy is more formalized and more expansive than what others have pursued so far. Ascension and TowerBrook began investing jointly in late 2015.
“That is quite an aggressive and controversial strategy, and it is not clear how those investment incomes or returns are aligned with Ascension’s charitable mission,” said Ge Bai, a Johns Hopkins University professor of accounting and health policy.
Their first jo--t investment poured $200 million into an embattled debt collection and billing company. Prior to the Ascension and TowerBrook investment, the company had been accused of illegally trying to collect money from patients, including when they were still in the emergency room. Ascension signed a long-term contract with the company, too, which buoyed the company’s finances.
In April of this year, minority shareholders in the company, R1 RCM, filed a lawsuit accusing Ascension and TowerBrook of teaming up to extract $105 million years before they were supposed to.
STAT’s investigation, published Tuesday, is based on interviews with nearly two dozen academic experts, financial analysts, accountants, and community organizers and a review of more than 3,500 pages of financial disclosures, lawsuits, and previously undisclosed internal financial documents.
Two prominent Ascension executives had a significant role in advancing Ascension’s private equity strategy, and in 2019 left their jobs leading the hospital system for internal roles overseeing Ascension’s investments instead. Both made significantly more money in their new financial management roles in 2019 than they did as top executives — they even made more than the current CEO of the hospital system, according to tax filings.
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Ascension says the goal of its investment strategy is to fund its charity work, specifically “generating capital gains that can be re-invested to support Ascension’s Mission to care for those who are poor and vulnerable,” according to its website.
But while Ascension’s overall investment income has substantially increased since 2015, the level of care the hospital provides for free to needy patients has stayed about the same, about the average for nonprofit health systems. It’s difficult to track how much of that income might be directed to programs to help needy patients, as it feeds into Ascension’s general balance sheet.
STAT+: Exclusive analysis of biopharma, health policy, and the life sciences.
And even with extra income from its investments, Ascension chose to pursue cuts to at least two safety-net hospitals in Washington, and Milwaukee, Wis., starting in 2017 and 2018, respectively. Both efforts prompted harsh criticism from community leaders.
“For Ascension to say, ‘We are going to chase money down and profiteer to give the money away to people,’ I don’t believe that,” said Roderic Woodson, a former member of the D.C. hospital’s board.
STAT reached out to Ascension with more than 40 questions for this story. Spokesman Gene Ford declined to comment.
Just dropping in to encourage others. I started looking one year to almost the day I found a new job. I could tell that there was something amiss when EC came onboard and opportunities to work in the digital studio kept getting dropped every time I would submit a resume internally.
I found a job and left and couldn't be happier. I was also very happy with my role at Ascension and really didn't want to leave.
Don't give up if you get turned down once or twice - or many times. Also, keep in touch with others that may be able to bring you onboard at their new place.....
"We are working with Ascension, a leading U.S. health system with 2,700 sites of care, to deploy a solution that is focused on transforming the clinician experience and improving patient care."
Googles EHR is set to start a roll out this coming year.
When callers have issues understanding HCL and TechM...the CALLER is blamed for not understanding the culture or having a cultural bias. This is unfair. In hospitals there is a wide variety and acceptance of multiple cultures.
It is simple...Ascension took the cheap path to save money and hires poor companies. Ascension lost a fortune with the GSuite debacle and building some crazy IT development team.
So callers to the "partners" give up in frustration...just live with the issue...and Gerry pats himself on the back because the call volume is down. Claiming the drop is because the service is so great!
The Ascension board is either too stupid, uninformed, or simply does not care about the drop in quality
Hey there TechM new hires! You are in for a rude awakening. They lied to you too. Be strong and move on as soon as you can.
"There was a significant number of American employees requesting a lot in pay with very little production from them. It’s easy to disparage TechM and HCL for their customs..."
Above has to be from an overseas manager. Lol, 'very little production'....not how Americans refer to work and even the bean counters don't speak or write this way.
Dude, you may think we are lazy but we're not nor do we lie about everything. The callers are complaining about the service. They don't really care where anyone is from, they care about quality. This country was built with hard work by its people---all immigrants btw---so you can shove your innate biases and prejudice back where they belong.
We don't have a beef with the workers at HCL or TechM, the issue is with the liars and cheapskates running things at AT and the 'partners'.
You are delusional. This is not what I’m hearing at all.
I’ve been gone for a while and I’m betting this experiment is going to fail. Hard and fast.
Upper management is only hearing what they want to hear about TechM and HCL. People are complaining about the poor service. But, they do not care...it is a lot cheaper to ignore complaints and keep outsourcing.
"Tech M and HCL...they’re outperforming right out of the door"
If this were true, staff would not be complaining. Bitterly. Across service lines and companies. Their employees don't seem to like working for these MSPs much either. Are you TechM/HCL or one of the fools that's delivering or drinking the KoolAde at AT?
Love how y'all try to justify this by slamming your affected employees as lazy, unproductive or lacking in skills. Hopefully this attempt at rationalization means you have a conscience because eventually you will have to reckon with what you have done.
There was a significant number of American employees requesting a lot in pay with very little production from them. It’s easy to disparage TechM and HCL for their customs, culture, and low wages but they’re outperforming right out of the door. Is there room for improvement? Every day.
Did you ever ask yourself why a coworker still has a job? They’ll be graded and expected to improve or be walked out. Keep in mind they are a business and will make cuts and won’t keep associates just because of their tenure.
@1kzx+1dDLSYxk - And what they cannot automate will be done by cheap labor in third world countries (India.) Doesn't seem like a very "Christian" way to conduct your business...
The end goal is automation of services. There is a goal to minimize the number of calls to the service desk in publications to users. Do what you will with this information.
Certain leaders made the decision that employees are no longer stakeholders in the success of the organization. These things go in cycles so I would imagine that Ascension will eventually bring IT back in-house and fire exec level leadership who were behind the outsourcing. They are saving a ton of money on IT services now and presumably using the savings to bankroll their data transformation but what they have to consider is in India average employee tenure is like 1 1/2 years as opposed to the USA where it is over 15 years. Employees in India do a lot of job-hopping so GCL, TEch M, etc. are going to have to continually be training new employees. Clinician and doctor satisfaction is going to go down which will eventually trigger the insourcing of IT...