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Mount Sinai sponsored an NYC luncheon in 2015. Photo: Cindy Ord/Getty Images for Mount Sinai Health System

Hospital beds are not filling up like they used to, but that does not mean hospitals want their beds to be empty.

What they're saying: Even though more patients are being treated in outpatient clinics rather than hospitals, "we'll still be able to keep our beds pretty full," Don Scanlon, chief financial officer at Mount Sinai Health System, said this week at an investor lunch held at Goldman Sachs headquarters in New York City.

Details: Mount Sinai, a not-for-profit hospital system based in Manhattan with $5 billion in annual revenue, is preparing to sell $475 million in bonds, and was making its pitch to bondholders about why buying that debt would be a good deal.

  • Goldman is the lead underwriter of the deal. Richard Friedman, co-chair of Mount Sinai's board who has donated millions to the system and has his name on its brain research center, is the leader of Goldman's merchant banking division.
  • Mount Sinai did not respond to questions about whether the organization believed this relationship was a conflict of interest.

Between the lines: Mount Sinai's discharges have trended down, but the hospital doesn't want to lose the bigger dollars tied to inpatient stays. And the system wants to reassure municipal investors they will see returns.

  • As a result, Mount Sinai has invested more money in outpatient centers in other parts of New York that serve as "feeders" for its main city hospitals, Scanlon said.

The bottom line: Mount Sinai, Trinity Health, Banner Health and a host of other hospital systems have openly touted plans to boost or retain admissions even though they say they want to keep people out of the hospital. This is a fundamental disconnect between "value-based care" and the system's financial incentives.

Go deeper: How banks and law firms make millions from hospital debt

Go deeper

J&J and Merck to partner for COVID vaccine production to boost supply

Empty vials that contained a dose of the Johnson & Johnson vaccine against the COVID-19. Photo: Phill Magakoe/AFP via Getty Images

President Biden will announce Tuesday that pharmaceutical giant Merck will help Johnson & Johnson manufacture its newly authorized coronavirus vaccine to boost supply, a senior administration official tells Axios.

The big picture: The development has the potential to vastly increase supply, possibly doubling what the J&J could make on its own, the official said. The company has run into challenges while trying to expand its vaccine production to a global scale.

Casinos throw cash at sports betting media

Illustration: Sarah Grillo/Axios

Casinos are investing millions on sports betting content to lure bettors to their online and in-person sportsbooks.

Why it matters: It’s a mini gold rush for some sports media companies that were struggling in the pandemic.

Ben Geman, author of Generate
29 mins ago - Energy & Environment

Global carbon emissions rebound to pre-COVID levels

Newly released data show that global CO2 emissions had returned to pre-pandemic levels by the end of last year and surpassed them in some major economies.

Why it matters: The International Energy Agency warned that clean energy efforts are falling short.