It's clear that something is very wrong when non-profit hospitals, who do not pay any taxes, act like for profit hospitals and are compensating CEO's and upper management and not working to improve how patients are treated. What is happening at Montefiore and Mount Sinai is another example of how dysfunctional healthcare system has become.From the Lever: Hospitals received $175 billion in COVID-related aid during the pandemic, helping to boost profit margins — but little of that money trickled down to employees. At the end of September 2022, Montefiore was sitting on $1.3 billion in cash and investments, while Mount Sinai had $2.6 billion at the end of 2020.Montefiore reported $199 million invested in “limited partnerships” like hedge funds and private equity in 2020, according to tax filings reviewed by The Lever. Mount Sinai reported $68 million in investments in “Central America and the Caribbean.” Typically, investments in this region are in tax shelters like the Cayman Islands.These nonprofit hospitals also boast huge executive salaries. Mount Sinai CEO Kenneth Davis made $5.6 million in 2019, the last year for which complete tax records are available.  Montefiore CEO Philip Ozuah made $7.4 million in 2020. Montefiore disclosed providing an unnamed executive (or executives) with a chauffeur and first-class airfare in 2020.

It's clear that something is very wrong when non-profit hospitals, who do not pay any taxes, act like for profit hospitals and are compensating CEO's and upper management and not working to improve how patients are treated. What is happening at Montefiore and Mount Sinai is another example of how dysfunctional healthcare system has become.From the Lever: Hospitals received $175 billion in COVID-related aid during the pandemic, helping to boost profit margins — but little of that money trickled down to employees. At the end of September 2022, Montefiore was sitting on $1.3 billion in cash and investments, while Mount Sinai had $2.6 billion at the end of 2020.Montefiore reported $199 million invested in “limited partnerships” like hedge funds and private equity in 2020, according to tax filings reviewed by The Lever. Mount Sinai reported $68 million in investments in “Central America and the Caribbean.” Typically, investments in this region are in tax shelters like the Cayman Islands.These nonprofit hospitals also boast huge executive salaries. Mount Sinai CEO Kenneth Davis made $5.6 million in 2019, the last year for which complete tax records are available.  Montefiore CEO Philip Ozuah made $7.4 million in 2020. Montefiore disclosed providing an unnamed executive (or executives) with a chauffeur and first-class airfare in 2020.

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