When the COVID-19 pandemic hit the United States, the nation’s 60 largest hospital chains received more than $15 billion in emergency funds from the federal government, according to the New York Times.
The Times sifted through the tax and securities filings of each of those chains and found that altogether, they’re “collectively sitting on tens of billions of dollars of cash reserves that are supposed to help them weather an unanticipated storm.”
At least 36 of these hospital chains have also laid off, furloughed, or cut the pay of their employees in order to save money during this crisis. Among those is Rochester’s Mayo Clinic.
According to the Times, Mayo received a whopping $170 million in bailout funds, but is furloughing or reducing the working hours of some 23,000 employees. Continue reading.