Providence Health System among wealthiest hospitals raking in billions in bailout
This is a challenging and unprecedented time for Oregon. The widespread needs of our communities are growing more acute every day. At the same time, pressure put on the healthcare industry has pushed hospitals and health systems to center stage as many strain to deal with the impact of COVID-19. And while Oregon has worked for more than a decade to strengthen our health system to keep families healthy and communities strong, the reality is: the pandemic shines a bright light on what’s broken.
Reporters with The New York Times exposed Providence Health System for receiving $509 million in federal coronavirus bailout while sitting on nearly $12 billion in cash reserves, which the major health corporation invests in hedge funds, private equity firms and real estate ventures. By contrast, hospitals that serve low-income patients often have only enough cash on hand to finance a few weeks of their operations.
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