N.Y. Nonprofit Hospitals Have Billions Parked In Offshore Investments
“Frankly, there is no better place in the world of insurance to monkey with the numbers, and do what I generally describe as cooking the books,” says Thomas Gober, a financial fraud examiner. Meanwhile, media outlets report on other hospital news from California and Colorado.
The Journal News:
Some NY Hospitals' Insurance In Offshore Investments
Nonprofit hospitals in New York have invested billions of dollars with secretive offshore financial firms, and some of the most complex deals involved high-stakes insurance coverage affecting doctors, health-care workers and patients. In addition to typical investments, some of the select 16 New York nonprofit hospitals used offshore insurance companies to cover medical malpractice and other liabilities with limited U.S. regulation, a USA Today Network investigation has found. One of the insurance deals involved Mount Sinai Hospital, according to federal tax filings in 2014, the most recent year available. (Robinson, 10/28)
Modern Healthcare:
Dignity, CHI Would Gain Scale In Merger, But Debt Issues Loom
Six months before Dignity Health and Catholic Health Initiatives announced they were in merger talks, the two hospital giants each dispatched small work teams to probe whether a deal was desirable. What they found were complementary geographic footprints, hefty debt burdens and several very successful markets dragged down by a smattering of challenging ones. (Barkholz, 10/29)
Denver Post:
Children’s Hospital Colorado Getting New Helicopter For Young Patients
Children’s Hospital Colorado is getting a new helicopter outfitted specifically to meet the needs of child patients. The helicopter, which is expected to take flight early next year, will be based exclusively at the hospital in Aurora and will have more interior space than other medical helicopters in order to accommodate an incubator for newborn patients. The nurses and therapists based aboard it will have special expertise in and equipment for treating children. The helicopter will be operated by Flight For Life Colorado, the critical-care transport service of Centura Health. (Ingold, 10/28)
California Healthline:
FDA Faults 12 Hospitals For Failing To Disclose Injuries, Deaths Linked To Medical Devices
Federal regulators said 12 U.S. hospitals, including well-known medical centers in Los Angeles, Boston and New York, failed to promptly report patient deaths or injuries linked to medical devices. The Food and Drug Administration publicly disclosed the violations in inspection reports this week amid growing scrutiny of its ability to identify device-related dangers and protect patients from harm. (Terhune, 10/28)
