July 24, 2017
Statist POLITICO: How hospitals got richer off Obamacare (Cronycare)
I mean it’s only 6 years late. But at least someone over there is getting part of a clue on how crony Obamacare is. Of course Politico thinks the government isn’t doing enough. (These folks it seems will NEVER learn.)
And the thing to keep in mind is that “tax breaks” don’t cost the taxpayer anything. They can be crony. They can be unfair. But “tax breaks” don’t COST anything. It just means that a taxpayer gets to keep his/her/its money that he/she/it earned.
Subsidies, something Obamacare is full of and definitely benefit the health care companies as we’ve documented now for years, are another thing. Subsidies TAKE from the taxpayers and benefit the connected.
The result, POLITICO’s investigation shows, is that the nation’s top seven hospitals as ranked by U.S. News & World Report collected more than $33.9 billion in total operating revenue in 2015, the last year for which data was available, up from $29.4 billion in 2013, before the ACA took full effect, according to their own financial statements and state reports. But their spending on direct charity care — the free treatment for low-income patients — dwindled from $414 million in 2013 to $272 million in 2015.
To put that another way: The top seven hospitals’ combined revenue went up by $4.5 billion per year after the ACA’s coverage expansions kicked in, a 15 percent jump in two years. Meanwhile, their charity care — already less than 2 percent of revenue — fell by almost $150 million per year, a 35 percent plunge over the same period.
Copyright © 2017 Against Crony Capitalism.
Reprinted with permission from Against Crony Capitalism.