Consumer Law

New York Hospital Executives Are Acting Like Wall Street Bankers

By Joe Consumer

Wow, those executives really have some nerve, giving themselves outrageous bonuses and all. The bankers again?  No, actually, this time we?re talking about executives at tax-exempt New York City hospitals! This incredible story was dug up by the New York Post last weekend, in a story entitled, "Sickening Bonuses." It is not to be believed. Here?s an sample:

Wall Streeters aren't the only ones raking in big bonuses during tough economic times.

Hospital presidents and CEOs also collect fat bonuses and "incentive payments," even as health-care systems cry poverty,claiming they struggle to break even against government cutbacks, tightwad insurers and skyrocketing costs.

While warning of layoffs and slashed patient services, many hospitals shower their top execs and department heads with bonuses and perks. They include housing allowances, chauffeurs, first-class air travel, tuition for their kids and country-club memberships.

The filings for the city's biggest and most prestigious private, tax-exempt hospitals show at least a dozen CEOs get compensation of $1 million and up. Some also cash in early on million-dollar pre-retirement payouts while on the job.

Meanwhile, the Greater New York Hospital Association just testified in Albany about the hospitals' ?woe is me? financial situation, with the nerve to blame patients injured by reckless and negligent health care.  Center for Justice & Democracy responded here with letters to government officials. Hope they take notice!

Full post as published by ThePopTort on December 15, 2009 (boomark / email).