BOSTON, MA – The Lown Institute, a healthcare think tank, has released the seventh edition of its Shkreli Awards, given each year to perpetrators of the most egregious examples of profiteering and dysfunction in healthcare. The “winners” are chosen with the help of a panel of judges made up of health policy experts, clinicians, journalists, and patient advocates. The awards are named for the infamous “pharma bro” Martin Shkreli, known for obtaining the manufacturing rights of the antiparasitic drug Daraprim and marking up its price by over 5,000 percent.

“When you see all these stories in one place, they stop being anecdotes and start to tell a bigger story,” said Vikas Saini, MD, president of the Lown Institute. “The need for more fairness and integrity in U.S. healthcare couldn’t be clearer.”

2023 Lown Institute Shkreli Award Winners

1. Columbia fails to stop OB-GYN from sexually assaulting patients despite years of complaints
2. Commonspirit nonprofit system pays CEO $35.5 million salary
3. Pharma claims Medicare drug price negotiation violates their constitutional rights 
4. Hospitals partner with private equity to offer medical credit cards
5. Vascular doctor allowed to keep practicing despite discipline in a dozen states 
6. GSK markets Zantac for decades despite potential carcinogenic compound 
7. Any narrowed artery seems a fair target for this alleged coronary stent king
8. Hospitals allegedly “dump” sick, homeless patients on the street
9. Physician payments help medical device maker test experimental products on poor, patients of color
10. Hospital threatens to ship expensive, comatose patient out of the country

A complete list of winners with descriptions, sources, and judges’ comments is available at the Lown Institute website.

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Join Lown Institute president Dr. Vikas Saini and guest panelists, award-winning author Harriet Washington and professor and activist Dr. Victor Montori, on Tuesday, January 9 at 1 p.m. ET for a countdown and discussion of this year’s winners.

About the Lown Institute

​​The Lown Institute is an independent think tank advocating bold ideas for a just and caring system for health. We envision a healthcare system focused on what’s best for people, like hospitals caring for those most in need, patients living without fear of financial distress, and health professionals finding joy in their roles. The Lown Hospitals Index, a signature project of the Institute, is the first ranking to assess the social responsibility of U.S. hospitals by applying measures never used before like racial inclusivity, avoidance of overuse, and pay equity.

Contact

Aaron Toleos, Lown Institute, (978) 821-4620, atoleos@lowninstitute.org

The post PRESS RELEASE: Biggest healthcare fails of 2023 named in 7th annual Shkreli Awards appeared first on Lown Institute.

Every seven minutes, a Medicare patient receives an unnecessary coronary stent at a U.S. hospital, a new report finds. The Lown Institute, an independent think tank, examined overuse of percutaneous coronary interventions (coronary stent or balloon angioplasty) at 1,733 general hospital inpatient and outpatient facilities, and found more than 229,000 procedures met criteria for overuse.

While coronary stents can be lifesaving for someone having a heart attack, years of research shows that stents for stable heart disease provide no benefit over optimal medication therapy. Across all hospitals, Lown estimates that more than one-in-five stents were placed unnecessarily in Medicare patients from 2019 to 2021, at a cost of $2.44 billion.

“When physicians continue a practice despite the evidence against it, it becomes more dangerous than useful.” said Dr. Vikas Saini, a cardiologist and president of the Lown Institute. “The overuse of stents is incredibly wasteful and puts hundreds of thousands of patients in harm’s way.”

Possible complications from the procedure include tear or perforation of the coronary artery, infection or bleeding at the catheter site, blood clots that can lead to stroke or heart attack, and kidney damage from the dye or contrast.

Rates of overuse varied widely across hospitals, including institutions in the same state. In South Carolina, for example, 42 percent of stent procedures at MUSC Health Columbia Medical Center Downtown (formerly Providence Health) met criteria for overuse, while at Grand Strand Medical Center the rate was only 6 percent.

Hospitals with highest rates of stent overuse, 2019-2021

Includes general hospitals with above-average volume of total stents, in order of highest proportion of stents meeting overuse criteria.

Hospitals with lowest rates of stent overuse, 2019-2021

Includes general hospitals with above-average volume of total stents, in order of lowest proportion of stents meeting overuse criteria.

“The frequency at which stents are overused shows that many physicians are struggling to keep up with the evidence,” said Dr. Saini. “To be socially responsible, hospitals need to take a more active role in reducing these unnecessary procedures.”

Methodology

The Lown Institute examined overuse of percutaneous coronary interventions (coronary stent or balloon angioplasty) for 1,773 hospitals with the capacity to perform the procedure. Medicare Advantage and fee-for-service claims were used for 2019 and 2020; only fee-for-service claims were included for 2021 as Medicare Advantage claims were not available.

Stents were defined as meeting overuse criteria for patients with a diagnosis of ischemic heart disease at least six months prior to the procedure, excluding patients with a diagnosis of unstable angina or heart attack within the past two weeks, and excluding patients who visited the emergency department over the past two weeks.

Total Medicare spending on low-value stents was calculated using Medicare’s per-procedure cost of $10,615, the most frequent procedure code used for PCI in our analysis. Of this cost, $9,015 is paid by Medicare and $1,600 is paid by beneficiaries for fee-for-service Medicare patients. Our cost estimate assumes that the cost of stents for Medicare Advantage patients is similar to beneficiaries in traditional Medicare.

Only hospitals performing above the national average volume of total stents were considered for the top and bottom lists.

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SEE ALSO

• The best and worst hospital in each state for stent overuse
• Summary of research on stent overuse

About the Lown Institute

The Lown Institute is an independent think tank that conducts bold and uncompromising research and advocates for a just and caring system of health. The Lown Institute Hospitals Index for Social Responsibility is a signature project of the Institute and features measures never used before like racial inclusivity, avoidance of overuse, and pay equity.

Contact

Aaron Toleos, Lown Institute, (978) 821-4620, atoleos@lowninstitute.org

The post PRESS RELEASE: Unnecessary coronary stents cost Medicare as much as $800 million per year appeared first on Lown Institute.

Many of the most and least inclusive hospitals are in the same cities, analysis finds

BOSTON, MA – Most hospitals say advancing health equity in their communities is a priority, and a new report examines just how well they’re doing. The Lown Institute, an independent healthcare think tank, ranked over 3,000 U.S. hospitals on how well they served patients of color, using Medicare data from 2021.

Disparities in healthcare outcomes and access are well-documented in communities of color, including higher rates of chronic conditions, lower life expectancy, and lower rates of private insurance. Lown examined the racial and ethnic demographics of patients to gauge how effectively hospitals target care to those populations. Racially inclusive hospitals served more patients of color than expected based on the demographics of their service area.

“It’s refreshing to see that some hospitals make caring for those most in need their top priority,” said Vikas Saini, MD, president of the Lown Institute. “Inclusive hospitals show that it’s possible to serve everyone, even when it may be against their financial interest.”

The following hospitals are the most racially inclusive in America:

1. Boston Medical Center (Boston, MA)
2. John H. Stroger Jr. Hospital (Chicago, IL)
3. UChicago Medicine (Chicago, IL)
4. Penn Presbyterian Medical Center (Philadelphia, PA)
5. Metro Nashville General Hospital (Nashville, TN)
6. South Coast Global Medical Center (Santa Ana, CA)
7. St. Charles Madras (Madras, OR)
8. Grady Memorial Hospital (Atlanta, GA)
9. Methodist Hospitals (Gary, IN)
10. Emory University Hospital Midtown (Atlanta, GA)

Segregated healthcare markets

The Institute also found that many of the most and least racially inclusive hospitals are located in the same U.S. cities, reflecting segregated healthcare markets. Of the 11 metro areas identified by the Lown Institute with significant market segregation, New Orleans stands out at the top of the list, with seven of its 14 hospitals (50%) ranking among the most or least inclusive.

The U.S. cities with the most segregated hospital markets are:

1. New Orleans, LA
2. St. Louis, MO
3. Detroit, MI
4. Milwaukee, WI
5. Philadelphia, PA
6. Kansas City, MO
7. Chicago, IL
8. Denver, CO
9. Phoenix, AZ
10. Dallas/Fort Worth, TX
11. Atlanta, GA

The most segregated hospital markets were determined by examining the proportion of hospitals within a metropolitan statistical area receiving either 1 star (lowest score) or 5 stars (highest score) on Lown’s racial inclusivity ranking. All cities included on the list had more than 20% of hospitals at those extremes.

“Hospitals will say their doors are open to everyone and that they don’t turn anyone away, but that can be misleading,” said Saini. “If hospitals really want to undo structural racism’s hold on their communities, they can’t be bystanders. They need to act more systematically and with more intention.”

For additional ranking information, including a full explanation of methods, see the online report.

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SEE ALSO:
The 50 most racially inclusive hospitals in America
U.S. News Honor Roll hospital racial inclusivity rankings
Each state’s most racially inclusive hospital

About the Lown Institute

Founded in 1973 by Nobel Peace Prize winner Bernard Lown, MD, developer of the defibrillator and cardioverter, the Lown Institute believes that a radically better system of health is possible and generates bold ideas towards that goal. The Lown Institute Hospitals Index for Social Responsibility is a signature project of the Institute and features measures never used before like racial inclusivity, avoidance of overuse, and pay equity.

MEDIA CONTACT: Aaron Toleos, Lown Institute, (978) 821-4620, atoleos@lowninstitute.org

The post PRESS RELEASE: Think tank identifies America’s most inclusive hospitals appeared first on Lown Institute.

The first AV supported project will examine nonprofit hospital tax exemptions and how they relate to spending on patient financial assistance and other meaningful community investment. Previous research by the Lown Institute into what it has termed “fair share spending” shows that U.S. hospitals received $14 billion more in tax benefits than they gave back to communities in 2020.

The second project will study the financial assistance, billing, and collection policies of hospitals. The Institute will create a national database that documents the policies of thousands of U.S. hospitals, including the extent to which they will deny care, pursue legal action, and send patients to collection agencies. 

“Our partnership with the Lown Institute will yield important insights into the financial practices of hospitals,” said Alexandra Spratt, director of health care at Arnold Ventures. “By delving into these critical areas, we pave the way for a more equitable and responsible healthcare landscape.”

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About the Lown Institute

Founded in 1973 by Nobel Peace Prize winner Bernard Lown, MD, the Lown Institute is a national expert on social responsibility in the health care sector. Through its pioneering research, the Institute works to create a system that advances high-value care, healing over profits, health equity, and human connection. The Lown Hospitals Index is a signature project of the Institute and features measures never used before like racial inclusivity, avoidance of overuse, and pay equity.

About Arnold Ventures

Arnold Ventures is a philanthropy working to improve the lives of all Americans by pursuing evidence-based solutions to our nation’s most pressing problems. We fund research to better understand the root causes of broken systems that limit opportunity and create injustice. Our focus areas include Criminal Justice, Higher Education, Health, and Public Finance and Infrastructure.

Media Contact: Aaron Toleos, Vice President of Communications, atoleos@lowninstitute.org, (978) 821-4620

The post PRESS RELEASE: Lown Institute awarded $1.5M to study U.S. hospital tax exemptions, financial practices appeared first on Lown Institute.

54 “honor roll” hospitals lead the nation in equity, value, and patient outcomes

Majority of top performers pay their CEOs less than average

Boston, Mass.—The Lown Institute, a nonpartisan think tank, has released its annual list of the most socially responsible hospitals in America. Of more than 3,600 hospitals evaluated, 54 made the honor roll by earning “A” grades across three main categories: equity, value, and outcomes.

This is the fourth year of the Lown Hospitals Index for Social Responsibility, the only annual ranking to fully integrate racial inclusivity, community investment, and pay equity with traditional outcomes measures. Medicare Advantage claims have been included for the first time, further distinguishing the Lown Index from other platforms in terms of scope and validity.

The 10 Most Socially Responsible Hospitals in America are:

1. Duke Regional Hospital (Durham, N.C.)
2. UCHealth Greeley Hospital (Greeley, Colo.)
3. Dell Seton Medical Center at The University of Texas (Austin, Texas)
4. UCHealth Medical Center of the Rockies (Loveland, Colo.)
5. Tristar Horizon Medical Center (Dickson, Tenn.)
6. St. Luke’s University Hospital – Bethlehem Campus (Bethlehem, Pa.)
7. Baylor Scott & White Medical Center – Pflugerville (Pflugerville, Texas)
8. Denver Health & Hospital Authority (Denver, Colo.)
9. Saint Alphonsus Medical Center – Ontario (Ontario, Ore.)
10. Mission Hospital McDowell (Marion, N.C.)

“Good hospitals make their patients healthier, but socially responsible hospitals make their communities healthier too,” said Vikas Saini, MD, president of the Lown Institute. “These are the hospitals America needs right now—hospitals that can set and achieve ambitious goals for serving their entire community.”

CEO Compensation

The Lown Institute analysis shows that top performance on social responsibility measures does not require excessive CEO pay. For example, the CEO of top-ranked Duke Regional Medical Center earned approximately $700,000 in 2020, while UNC Health Southeastern, another North Carolina hospital, paid its CEO $1.24 million but ranked 3350^th. Overall, 70% of “honor roll” hospitals with data available paid their executives less than average when compared to hospitals of similar size. CEO pay information was drawn from IRS Form 990 for the fiscal year ending 2020.

Methodology

The Lown Institute Hospitals Index measures social responsibility of more than 3,600 hospitals nationwide, evaluating hospitals on more than 50 metrics across equity, value, and outcomes. Hospitals with “A” grades on each of the three major categories achieve honor roll designation. The Lown Index uses publicly available data from traditional Medicare and Medicare Advantage claims, Centers for Medicare and Medicaid Services’ hospital cost reports, Internal Revenue Service Form 990, and other sources. A complete methodology is available.

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About the Lown Institute

Founded in 1973 by Nobel Peace Prize winner Bernard Lown, MD, developer of the defibrillator and cardioverter, the Lown Institute believes that a radically better system of health is possible and generates bold ideas towards that goal. The Lown Institute Hospitals Index for Social Responsibility is a signature project of the Institute and features measures never used before like racial inclusivity, avoidance of overuse, and pay equity.

Contact

Aaron Toleos, Lown Institute, (978) 821-4620, atoleos@lowninstitute.org

The post Lown Institute Identifies Most Socially Responsible U.S. Hospitals appeared first on Lown Institute.

BOSTON, MA – Dr. Altaf Saadi has been named the winner of the 2023 Bernard Lown Award for Social Responsibility for her outstanding work as a health justice advocate for immigrants and others impacted by trauma. Dr. Saadi is a neurologist at Massachusetts General Hospital, assistant professor of neurology at Harvard Medical School, and associate director of the MGH Asylum Clinic.

“Dr. Saadi is clearly unafraid to raise her voice and demand justice wherever it is needed, especially when the health of refugees is at stake,” said Vikas Saini, MD, president of the Lown Institute. “Her vision and bravery set an inspiring example for others to follow.” 

The Lown Institute, a healthcare think tank, grants this award annually in memory of their founder, the late Dr. Bernard Lown. Dr. Lown was one of the most distinguished physicians of the 20th century, best known for developing the defibrillator and receiving the Nobel Peace Prize. To be eligible for the award, nominees must be US clinicians age 45 or younger and stand out for their bold leadership in social justice, environmentalism, global peace, or other humanitarian efforts. The award, including a $25,000 prize, will be presented at an event on June 7.

“It is an honor to use my knowledge, passion, and purpose in medicine to speak out against injustice,” said Dr. Altaf Saadi. “Dr. Lown taught us to never whisper in the presence of wrong, and I hope to always live by that principle.”

Dr. Saadi’s many accomplishments in social responsibility include: 

• Helping hundreds of immigrants gain asylum and other forms of humanitarian relief through her volunteer work and leadership with the Physicians for Human Rights Asylum Network and MGH Asylum Clinic;
• Creating “Doctors For Immigrants,” a research-based website that provides resources for healthcare institutions to be sanctuaries for immigrants;
• Calling attention to abuse and poor conditions in immigration prisons as a medical expert for human rights organizations;  
• Speaking out on the myth of “excited delirium” and the dangers of neck restraints by law enforcement in medical and popular media.

Dr. Saadi was selected by a committee convened by the Lown Institute, including leaders from the American Medical Association, the National Medical Association, Physicians for Social Responsibility, and other groups focused on improving America’s health.

The Bernard Lown Award Ceremony will be held June 7th at Branch Line in Watertown, MA. Visit the Lown Institute website to learn more about Dr. Saadi. 

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About the Lown Institute

Founded in 1973 by Nobel Peace Prize winner Bernard Lown, MD, developer of the defibrillator and cardioverter, the Lown Institute believes that a radically better system of health is possible and generates bold ideas towards that goal. The Lown Hospitals Index for Social Responsibility is a signature project of the Institute and features measures never used before like racial inclusivity, avoidance of overuse, and pay equity.

Contact

Aaron Toleos
(978) 821-4620
atoleos@lowninstitute.org

The post PRESS RELEASE: Boston neurologist earns national award for health justice leadership appeared first on Lown Institute.

A new report examining the finances of 1,773 nonprofit hospitals in the United States finds that more than three-quarters fall short on expected investments in their communities. 

Nonprofit hospitals are exempted from paying most federal, state, and local taxes in exchange for providing free or discounted care and programs that address community health needs, like substance abuse treatment, affordable housing, or access to healthy foods.

Lown Institute analysts identified more than 1,350 hospitals that have “fair share” deficits, meaning that the value of their community investments fails to equal the value of their tax breaks. The combined deficits of nonprofit hospitals totaled $14.2 billion in 2020, enough to relieve the medical debt of 18 million Americans or prevent 600 at-risk rural hospitals from closing.¹

“Americans desperately need hospitals to use their billions in tax breaks as intended: to promote health while relieving the problems of medical debt and access to care,” said Vikas Saini, MD, president of the Lown Institute. “These are charitable organizations and they should do a better job at prioritizing social responsibility over profitability.”

Hospitals with the largest “fair share” deficits in the U.S.

UPMC Presbyterian had the largest “fair share” deficit of any hospital in the country at $246 million in 2020.

Other hospitals with the largest “fair share” deficits in the nation include:

• NYU Langone Hospitals (New York) 
• Vanderbilt University Medical Center (Nashville) 
• Hospital of University of Pennsylvania (Philadelphia)
• Indiana University Health (Indianapolis) 
• Spectrum Health Butterworth Campus (Grand Rapids, Mich.) 
• Cedars-Sinai Medical Center (Los Angeles) 
• M Health Fairview University of Minnesota Medical Center (Minneapolis) 
• Umass Memorial Medical Center (Worcester, MA)
• Arizona General Hospital Mesa (Mesa, AZ)

Many of these hospitals ended the year with net incomes close to or exceeding their “fair share” deficits, suggesting they had the financial means to meet their spending obligations. 

“Nonprofit hospitals are going to need help changing their behavior,” said Saini. “These hospitals are supposed to be accountable to Americans through federal, state, and local authorities—but oversight has been negligible.”

Methodology

The Lown Institute calculated fair share spending based on 2020 IRS Form 990 by comparing the estimated value of hospitals’ tax exemptions to the amount spent on financial assistance and meaningful community investment—including community health improvement activities, contributions to community groups, community building activities, and subsidized healthcare services. For hospitals that file as a group, expenses, income, and community investment data were prorated across hospitals based on their share of system revenue. For hospitals filing with universities where Schedule E was submitted, financial audit or CMS cost report information was used to calculate expenses and net income.

Hospitals for which 2020 IRS filings were unavailable are not included in this year’s report. This includes some large and well-known health systems like Providence, Kaiser Permanente, Mass General Brigham, Cleveland Clinic, and Henry Ford. 

View the full report on the Lown Hospitals Index website.

Table: Largest “Fair Share” Deficits

Launch Event: Join us April 11, 2023 at 1 p.m. ET for a live event as we discuss the results or our report with a panel of policymakers and thought leaders.

NOTES

¹ Sources: The average amount of medical debt on credit reports in 2020 was $739 per tradeline, according to the CFPB (2022). The Center for Healthcare Quality and Payment Reform (2022) estimates there are about 600 rural hospitals at risk of closing and that $4 billion/year in funding would keep them solvent. 

² Data source is IRS Form 990s, fiscal year 2020

³ Data source is CMS Hospital Cost reports, 2020. Includes both grant and loan amounts in Covid-19 public health emergency funds.

⁴ Data source is CFPB 2022 report on Medical Debt Burden in the United States, which includes average medical debt amounts on credit reports by state. 

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About the Lown Institute

Founded in 1973 by Nobel Peace Prize winner Bernard Lown, MD, developer of the defibrillator and cardioverter, the Lown Institute believes that a radically better system of health is possible and generates bold ideas towards that goal. The Lown Institute Hospitals Index for Social Responsibility is a signature project of the Institute and features measures never used before like Fair Share spending, racial inclusivity, and pay equity.

MEDIA CONTACT: Aaron Toleos, vice president of communications for the Lown Institute, atoleos@lowninstitute.org.

The post PRESS RELEASE: U.S. nonprofit hospitals receive billions more in tax breaks than they invest in their communities appeared first on Lown Institute.

“Public demand for a more just and equitable healthcare system is growing in America,” said Vikas Saini, MD, president of the Lown Institute. “These board members are key additions that will make the Institute an even stronger advocate for the change we all want and need.”

Rae Robinson, MPH, MSW is Managing Director and Chief Equity and Inclusion Officer at SKDK, a public affairs and political consulting firm. She leads SKDK’s Multicultural Communications and Engagement Practice, working with some of the world’s most recognized companies and nonprofit organizations committed to advancing racial, social, and economic justice. Robinson has nearly two decades of leadership experience in multicultural, corporate, and nonprofit communications. Previously, she has held positions at national PR firms, national nonprofit organizations, and education institutions leading large-scale communications and public affairs efforts. Her work has influenced key policies on corporate diversity and inclusion, child victimization, and homelessness and housing insecurity. 

Selwyn O. Rogers Jr., MD, MPH, FACS, is a widely respected surgeon and public health expert. As founding director of the University of Chicago Medicine Trauma Center, Dr. Rogers has built an interdisciplinary team of specialists to treat patients who suffer injury from life-threatening events. Additionally, as executive vice president for community health engagement, Dr. Rogers works with faculty across the University of Chicago as well as members of the community to develop multidisciplinary approaches to trauma care and health disparities. He previously served as vice president and chief medical officer for the University of Texas Medical Branch at Galveston, chair of surgery at Temple University School of Medicine, and division chief of trauma, burns, and surgical critical care at Harvard Medical School.

Daniel S. Kern, CFA, CFP, is Managing Director & Chief Investment Officer at TFC Financial Management, where he is responsible for overseeing TFC’s investment process, research activities and portfolio strategy. He is a regular contributor to media around investments and ESG (environmental, social, and corporate governance). Prior to joining TFC, Kern was the President and Chief Investment Officer at Advisor Partners and Portfolio Manager at Charles Schwab Investment Management. 

About the Lown Institute

Founded in 1973 by Nobel Peace Prize winner Bernard Lown, MD, developer of the defibrillator and cardioverter, the Lown Institute believes that a radically better system of health is possible and generates bold ideas towards that goal. The Lown Institute Hospitals Index for Social Responsibility is a signature project of the Institute and features measures never used before like Fair Share spending, racial inclusivity, and pay equity.

Media contact: Aaron Toleos, vice president of communications for the Lown Institute, atoleos@lowninstitute.org

The post PRESS RELEASE: Lown Institute welcomes Kern, Robinson, Rogers to board appeared first on Lown Institute.

BOSTON, MA – Martin Shkreli may be banned from the drug industry, but there are plenty of others competing to fill the shoes of the infamous “pharma bro.” The Lown Institute, a healthcare think tank, released the sixth edition of their Shkreli Awards, which are given each year to perpetrators of the ten most egregious examples of profiteering and dysfunction in healthcare. The “winners” are chosen with the help of a panel of judges made up of patient advocates, health policy experts, clinicians, and journalists.  

“If we’re ever going to get to the great health system that Americans deserve, we have to call out bad behavior,” said Dr. Vikas Saini, president of the Lown Institute. “The Shkreli Awards are a mirror that’s hard to look into, but we’ve got to do it. ”

2022 Lown Institute Shkreli Award Winners

1. Insurers systematically overbill Medicare Advantage, siphoning billions of taxpayer money
2. Private equity-backed firm runs rural hospitals into ground, leaves patients in unsafe conditions and employees without health insurance
3. System keeps community hospital on life support to cash in on drug discount program meant to serve the poor
4. Hospice CEO allegedly tells employees to hasten patient death to avoid caps on government reimbursements
5. Pharma giant exploits bankruptcy loophole to avoid legal responsibility for cancer-causing product
6. When smokers get sick, this tobacco company has the treatment 
7. Patients qualified for financial assistance; hospital sends them to debt collection instead
8. Medical labs bilk Medicare for $300 million in elaborate bribery scheme
9. “Dangerous” doctor deemed a star by hospital leadership despite disgraceful malpractice record.
10. Dentist bags a bundle by breaking patients’ teeth

A complete list of winners with descriptions, sources, and judges’ comments is available at the Lown Institute website.

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Join leaders of the Lown Institute and panelists Dr. Uché Blackstock, founder and CEO of Advancing Health Equity, and Amy Holden Jones, creator of the medical drama “The Resident” on Tuesday, January 10 at 1 p.m. ET for a countdown and discussion of this year’s winners.

About the Lown Institute

Founded in 1973 by Nobel Peace Prize winner Bernard Lown, MD, developer of the defibrillator and cardioverter, the Lown Institute believes that a radically better system of health is possible and generates bold ideas towards that goal. The Lown Hospitals Index, a signature project of the Institute, is the first ranking to assess the social responsibility of U.S. hospitals by applying measures never used before like racial inclusivity, avoidance of overuse, and pay equity.

Contact

Aaron Toleos, Lown Institute, (978) 821-4620, atoleos@lowninstitute.org

The post PRESS RELEASE: Healthcare’s biggest baddies named and blamed in 2022 Shkreli Awards appeared first on Lown Institute.

A new report examining the finances of nonprofit hospitals in New York City finds that some hospitals fall significantly short on expected community investments. The study by the Lown Institute, a healthcare think tank, includes 21 hospitals and finds that nine have a Fair Share deficit—meaning that the value of their community investments fails to equal the value of their federal, state, and local tax breaks. In total, the nine hospitals are $727 million short of equaling the $1.2 billion in tax breaks they received in 2019.

“Communities make good faith investments through these tax breaks and expect that hospitals will hold up their end of the bargain,” said Vikas Saini, MD, president of the Lown Institute. “Our evidence shows that’s not always the case.”

New York-Presbyterian, which had $493 million in tax breaks, had the largest Fair Share deficit of all hospitals at $359 million—nearly half of the city’s total deficit. At the other end of the list, Montefiore Medical Center had the largest surplus at $76 million.

Table: NYC hospitals with Fair Share deficits, 2019

According to the report, the total Fair Share deficit is enough to triple what the city spends on school meals annually, create thousands of new affordable housing units, or pay off the medical debt for every patient sued by a New York hospital over the past five years.

“If we want hospital behavior to change, there needs to be greater transparency and accountability,” said Dr. Saini. “New regulations are long overdue.” 

Methodology

Fair Share spending is calculated by comparing the value of hospital tax exemptions to the amount spent on meaningful community investment. Federal, state, and local taxes are all included in the tax exemption valuation, as are benefits from tax-exempt bonds and donations. Data sources include CMS hospital cost reports, IRS Form 990, and property assessments from the NYC Department of Finance. 

Meaningful community investment includes the following categories of spending from IRS Form 990 Schedule H: Financial assistance, community health improvement activities, contributions to community groups, community building activities, and subsidized healthcare services. Only private nonprofit general hospitals with available IRS and CMS data were included in the analysis. 

Support for this study was provided by the 32BJ Labor Industry Cooperation Trust Fund.

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About the Lown Institute

Founded in 1973 by Nobel Peace Prize winner Bernard Lown, MD, developer of the defibrillator and cardioverter, the Lown Institute believes that a radically better system of health is possible and generates bold ideas towards that goal. The Lown Institute Hospitals Index for Social Responsibility is a signature project of the Institute and features measures never used before like Fair Share spending, racial inclusivity, and pay equity.

Media contact: Aaron Toleos, vice president of communications for the Lown Institute, atoleos@lowninstitute.org

The post REPORT: These NYC hospitals took in $727 million more in tax breaks than they gave back to their communities appeared first on Lown Institute.