Stories

How banks and law firms make millions from hospital debt

An illustration of a syringe on a graph going up.
Illustration: Rebecca Zisser/Axios

Not-for-profit hospitals are paying bankers, lawyers and other financial advisers hundreds of millions of dollars every year to help them with a relatively routine task: issuing debt.

Why it matters: Collecting debt fees from hospitals is a steady source of money for Wall Street interests like Goldman Sachs and Wells Fargo. But those costs could encourage hospitals to chase revenue through higher prices.