STAT November 16, 2021
WASHINGTON — America’s largest Catholic hospital system, Ascension, has quietly built out a strikingly unusual private equity operation worth more than $1 billion, a STAT investigation has found.
The investigation reveals how far a wealthy, religious, tax-exempt health system can migrate toward behaving like a Wall Street firm — and how little such a system has to disclose about whether or how its profits are benefiting patients.
Ascension, a more than 140-hospital behemoth based in St. Louis, Mo., has used its wealth to create a sophisticated investment strategy including a partnership with a private equity firm called TowerBrook Capital Partners. While many other nonprofit hospitals have dabbled in private equity investing, Ascension’s strategy is more formalized and more expansive...
Today's Sponsors
Today's Sponsor