Apr 27, 2020 - Health

The hospitals that have disclosed bailout funds so far

Mayo Clinic has received $150 million in CARES Act funding so far. Photo: Cliff Hawkins/Getty Images

More than $3.2 billion in federal bailout funds have been disclosed by hospitals and health systems as of May 8, according to an Axios review of financial documents.

Why it matters: Hospitals do not have to repay these taxpayer funds, which are supposed to offset the lost revenue and higher costs associated with handling the coronavirus outbreak. HHS has released two datasets on the bailout money — one on the general allocation and another on the money that went to coronavirus hotspots — but the general allocation one is incomplete.

The big picture: Hospitals and other health care providers can receive coronavirus funds through two primary sources:

Where it stands: Axios has found 40 hospital organizations — ranging from small community hospitals to large, multistate systems — that have disclosed bailout funding and Medicare loans through municipal bondholder documents or public filings, and compiled them into a database.

  • Some of the largest bailout payments disclosed so far have gone to HCA Healthcare ($700 million), Tenet Healthcare ($345 million), Community Health Systems ($245 million), Banner Health ($200 million) and Mayo Clinic ($150 million).
  • $50 billion of the first $100 billion in bailout funds is "allocated proportional to providers' share of 2018 net patient revenue," according to HHS, and therefore favors systems that are bigger and/or charge higher prices.
  • Medicare has sent $100 billion as loans as of April 24, $14.3 billion of which has been disclosed to these 40 hospital systems. The federal government has paused that program for now, and hospitals want those loans converted into grants that don't have to be paid back.

Go deeper: The hospital bailout funding database

Updated May 8. This story will be updated as more financial disclosures are filed.

Go deeper

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Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday across the U.S. for the eighth consecutive day, prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: Even with early curfews in New York City and Washington, D.C., protesters are still out en masse. Some protesters in D.C. said they were galvanized by President Trump's photo op in front of St. John's Church on Monday and threat to deploy U.S. troops in the rest of country if violence isn't quelled, NBC News reports.

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What we're hearing: Aides say he hasn’t ruled out its use at some point, but that he's “pleased” with the way protests were handled last night (apart from in New York City, as he indicated on Twitter today) — and that for now he's satisfied with leaving the crackdown to states through local law enforcement and the National Guard.

What we expect from our bosses

Illustration: Eniola Odetunde/Axios

Workers — especially millennials and Gen Zers — are paying close attention to the words and actions of their employers during national crises, such as the protests following the killing of George Floyd in police custody.

Why it matters: American companies have an enormous amount of wealth and influence that they can put toward effecting change, and CEOs have the potential to fill the leadership vacuum left by government inaction. More and more rank-and-file employees expect their bosses to do something with that money and power.