Apr 8, 2019

Health care CEO pay tops $1 billion in 2018 so far

Health care CEOS testifying in front of Senate Finance Committee in 2019. Photo: Win McNamee/Getty Images

Our latest tally shows 62 health care CEOs made a combined $1.1 billion in 2018 when calculating the actual value of cashed-out stock.

Between the lines: $1.1 billion is basically a rounding error within the $3.7 trillion U.S. health care system. But it’s also $157 million more than what the Centers for Disease Control and Prevention spent in 2018 on chronic disease prevention.

A few things jumped out in our latest scan:

  • Wayne Smith, CEO of Community Health Systems, earned a $3.3 million bonus last year — 4 times his cash bonus from 2017 — even though his hospital chain lost $788 million and continued to sell off hospitals from a failed 2014 merger that he orchestrated (and now regrets). Smith’s bonus was heavily weighted by an adjusted metric that made CHS look profitable, and none of his bonus was tied to hospital quality.
  • Philadelphia's public employee pension plan is asking CVS Health shareholders to support a resolution that would require CVS not to exclude opioid litigation costs when considering executive bonuses. CVS isn’t a fan of that.
  • Joe Hogan leads Align Technology, the maker of Invisalign clear braces and various dental scanners, and he made $70 million in 2018 — 4th highest among health care companies that have reported so far.

Go deeper: Follow our health care executive pay tracker

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World coronavirus updates: Spain's health care system overloaded

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Two planes carrying protective equipment arrived to restock Spain’s overloaded public health system on Wednesday as confirmed cases surpassed 100,000 and the nation saw its biggest death toll so far, Reuters reports.

The big picture: COVID-19 cases surged past 930,000 and the global death toll exceeded 46,000 on Wednesday night, per Johns Hopkins data. Italy has reported more than 13,000 deaths.

Go deeperArrowUpdated 13 mins ago - Health

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 932,605 — Total deaths: 46,809 — Total recoveries: 193,177Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 213,372 — Total deaths: 4,757 — Total recoveries: 8,474Map.
  3. Business updates: Small businesses are bearing the brunt of the coronavirus job crisis.
  4. World update: Spain’s confirmed cases surpassed 100,000, and the nation saw its biggest daily death toll so far. More than 500 people were reported dead within the last 24 hours in the U.K., per Johns Hopkins.
  5. State updates: Florida and Pennsylvania are the latest states to issue stay-at-home orders — Michigan has more than 9,000 confirmed cases, an increase of 1,200 and 78 new deaths in 24 hours.
  6. Stock market updates: Stocks closed more than 4% lower on Wednesday, continuing a volatile stretch for the stock market amid the coronavirus outbreak.
  7. 1 future thing: Shifts to telemedicine, at-home diagnostics, and drone delivery are all likely lasting consequences from this pandemic.
  8. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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U.S. coronavirus updates: Confirmed cases surpass 200,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

Positive cases of the novel coronavirus passed 213,000 on Wednesday — nearly twice as many as Italy, per Johns Hopkins — as more state governors issued stay-at-home orders for Americans to curb infection.

The state of play: Trump administration officials are anonymously sounding the alarm that America's emergency stockpile of personal protective equipment is running dangerously low, the Washington Post reports.

Go deeperArrowUpdated 21 mins ago - Health