Oregon hospitals are banking windfall profits, while providing dramatically less charity care to the poor.
Willamette Week, April 13, 2016
by Nigel Jaquiss
Here's a quiz: What local company is sitting on the biggest pile of cash? Portland General Electric? Mentor Graphics? Nike?
Actually, it's none of those publicly traded companies. It's a nonprofit.
The state's largest hospital system, Providence Health & Services, has stockpiled nearly $6 billion in cash reserves.
That's almost twice the amount of cash Nike reported in its most recent quarterly filing.
tt's also a number that makes state Rep. Mitch Greenlick (D-Portland) angry.
After a long career as a researcher at Kaiser Permanente and Oregon Health & Science University, Greenlick became the Legislature's leading health care expert.
What he sees today are Oregon's hospitals banking windfall profits—even though they are nonprofits—and providing dramatically less charity care to the poor.