I work in healthcare and get a multitude of reports from various health agencies. I just read an article that stated the Nashville, Tennessee based HCA healthcare (which declares itself as a “for-profit hospital” in the article) that higher expenses led to net income for the first quarter of 2022 being “only $1.27B”. The CEO of the organization cited “unfortunate higher than expected labor costs and pressures”.
They are literally complaining they “only” got $1.27 BILLION DOLLARS in 3 MONTHS because they had to pay some of the lowly staffers that actually keep the hospital running. But dont worry, the CEO expects net revenue to “bounce back” to $5.56 BILLION for the last 2 quarters of 2022. Oh by the way, that CEO, Sam Hazen, made over $30 million dollars just in 2020 alone, up from the $27 million he made in 2019. He boosted his own compensation by $3 million dollars because they were making even more profits. Sam Hazen and other CEOs of big health systems (think Tenet Health, Community Health systems) saw their profits rise in 2020 by several million. Meanwhile the rest of us were laid off or unable to work and going bankrupt. But I guess we can all breathe easier knowing HCA healthcare will hit record profits by the end of the year while their nurses have to take up a second job. Great going guys!