Corporate accountability

The corporatization of hospital systems

A hospital sign with the 'H' replaced with a dollar sign.
Illustration: Lazaro Gamio/Axios

Not-for-profit hospital systems increasingly operate more like corporate titans on the stock exchanges than the charities they promote themselves to be.

The big picture: As hospital systems have gotten larger, they have hosted more investor calls, released more financial data and attended more conferences and roadshows to attract banks and municipal debt buyers — all while health care spending continues to soar.

America's top leveraged loans banker is worried about corporate debt

Illustration: Rebecca Zisser/Axios

Brian Moynihan, America's top leveraged loans banker, is joining the concern chorus over high levels of corporate debt.

Why it matters: Moynihan is CEO of Bank of America Merrill Lynch, regularly the country's top book-runner and lead arranger for leveraged loans, with 2018 market share of 10.8% and 9.8%, respectively. In fact, it's led those categories since Moynihan took the reigns in 2010.