Sen. Tammy Baldwin of Wisconsin is probing St. Louis-based Ascension — which operates 33 facilities in her state — alleging the health system is acting on private, not public, interests. Ms. Baldwin penned a letter to Ascension’s CEO, Joseph Impicchice, on Feb. 13, demanding a written response to eight questions regarding the health system’s investment activities. As a nonprofit, tax-exempt health system, Ascension is required to serve public interests and benefit the communities it serves. However, Ms. Baldwin wrote she is “concerned that the opposite is occurring — that by operating like a private equity fund, Ascension is squeezing staff, closing facilities, and extracting cash from its member hospitals for dubious ‘management fees’ all to advance its investment activities and provide compensation to its executives.”
Read the full article: US Senator Probes Ascension, Alleging It Operates ‘Like a Private Equity Fund’
Source: https://www.beckershospitalreview.com/hospital-management-administration/us-senator-probes-ascension-alleging-it-operates-like-a-private-equity-fund-2.html