Investors' role in next week's closure of San Antonio hospital under scrutiny
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- Опубликовано: 11 окт 2024
- Texas Vista's owner, Steward Health Care, is shutting down the hospital six years after purchasing it with the help of private equity investors. Jon LaPook reports.
#news #sanantonio #hospital
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Thank you for telling this story of soulless financial and corporate decisions.
Thanks for reporting on this. I have been a resident phsycian working there for the past two years. This is where I fought covid and most importantly where I learned how to be a doctor. Saddened by the closure for the community.
Thank you. I've not seen a doctor interviewed in this series. What percentage of patients are Medicaid? I ask rhetorically as there is almost always 20%or more overbilling - incorrect billing and the like. There has got to be a better way for the public to follow all the money from earnings to paying landlords and everyone in between.
@@begood1begood2 Over 80 % of finances of rural area hospitals are from medicare and medicaid , 2/3 of all US healthcare is already paid by taxpayers .
At this moment medicare and medicaid are not allowed to do collective bargaining , even that would cut prices , but US government financing and running hospitals directly , without 20% profit margin private companies have , Americans would save money , first would be that over $60 billion they pay for healthcare insurances .
They charge you way more than 20% over the actual cost , Aspirin cost less than 1 cent per pill in bulk , bet they charge you at least $10 .
@@pete_lind You bet! I was hospitalized in 2004 for 8 days, where I had an IV for 7 of them. In a double room, ER, meds, x-ray, CT, MRI, tests, etc, ran over $100k. I can only imagine what my hospitalization for the same time frame, but including 2 surgeries, cost! I can't imagine what I'd do without Medi-Cal or Covered California. As Bernie keeps saying, something NEEDS to be done about our healthcare system, and private equity firms are NOT part of the solution.
We need more details of this story, but at least this gives us somewhere to start. Share with your friends and family. This is criminal and must be stopped.
Also happening in Pennsylvania investment bankers are a danger to our healthcare system.
WHAT is happening in this country? Hospitals closing left and right, the ones that DO stick around eliminate their ER's, leaving sick and injured people to care for themselves....Soon it won't matter what kind of insurance you have or how rich you are. No one will be seen anywhere, for anything. The stuff of nightmare.
I can't recommend entering our current system unless it's an emergency...the value of a single human life has been devalued since the pandemic.
Hospital closings accelerated after the passing of Obamacare. The privatization of Medicaid services in many states caused an untold number of deaths due to the small reimbursement rates and denials of equipment and general medical care. Obamacare also encouraged people to use emergency rooms for their primary care provider rather than a doctor’s office. It also forced many smaller hospitals to give exorbitant amounts of free care or care that resulted in paltry reimbursements. This is accelerating now since the pandemic because people got used to going to the ER for COVID symptoms so people go for a lot of their medical issues regardless of the problem is not even close to an emergency or urgency. And now add in over 5-6 million more illegal migrants to these hospitals that will not see a dime in reimbursement. Hospitals have begged congress for help from Texas, Arizona, and other states due to the excessive surge of sick people from south of our border.
Get a grip. It's called greed all due to the GOP. We need more government regulation over corporations. The GOP always want less regulation and this is what you get: private equity firms owned usually by rich, white men who probably do not want to pay their fair share of taxes . Please read more. @@coleengogerty3852
110 beds for 1/2 million people is sick! In comparison, my rural area has 2 hospitals with combined 400+ beds for only 100,000 people
I worked there until the last day . And what she says is true , we are leaving heartbroken a place where everyone knew my family name . I didn’t grow up in San Antonio or South Side, and when they asked me why I driver almost an hour to work there I would answer them “because is a community that every single thing we do for them is paid back with lots of Love” . I will always be Texas Vista and sure I miss all my friends from the CEO to the housekeepers .
We were
Such a beautiful family !!!!
PS sorry for writing all over the place , I cry so much every time we talk about what we are leaving behind.
This just happened in Pennsylvania as well?!
My mom was hospitalized in this hospital back in February. She fell seriously ill to the point she could have died. She had pneumonia and was in the ICU for almost 2 weeks. I witnessed nothing but compassion and support from ALL staff during her time there. My brother and I were with her day and night. I got to know the nurses, doctors, custodians, literally everyone and they played a huge part why she survived. Seeing this breaks my heart because those people truly cared about her well being and made sure my family and I remained strong throughout the nightmare. If any staff from Texas Vista ever sees my comment, I want to thank you again for everything you did to save her life. It is truly saddening that you’re closing down, but I won’t ever forget what you did. You are true heroes! ❤
Thank you 🙏🏼
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I’m here with my seriously ill baby brother now. We are praying he will live through this. If he does not I’ve got one heck of a testimony. He’s been here 10 days and it’s been the worst 10 days of my life.
God is in control. So as long as he is alive we will pray for him to walk out of here. He was moved to ICU unit last night and is now surrounded by some very attentive, caring and compassionate professionals, I agree.
One hospital dint take me and this hospital had me in surgery in less than an hour helping me so much it's a really good hospital
The same thing happened in Dayton, Ohio ., with Good Samaritan Hospital in Dayton Ohio, just closed and tore down in a community of low income people. Lots of people that depended on that Hospital.
Hospitals can’t operate on love , they need money
I worked there when it was Southwest General and worked with Jessica Carrasco. No one was more compassionate and wonderful. She shows once more she cares. I hope those responsible for the loss of this hospital get held accountable
This is in pro life republiklan state , what are pro life republiklans going to do ? Are there a haring in congress about this ?
This is a real issue that affects people , 500 000 people just in one city , trans issue does not affect 500 000 people in whole US , but they have made 500 laws about that .
@@pete_lind Very good point. Even if a person is anti-trans, trans people make up something like .03 or .003 of our country, a fraction of 1% of the country. They're being obsessive and cruel in focusing on them and not the real issues. A part of San Antonio, 500k people, without a hospital, that's LIVES!
So much for the party of "life" and "family values"!
(Dark humor) I think they bring new meaning to the phrase, "Better off dead, than Red," from the cold War era.
It's basically a payday loan for hospital systems.
I still work there (until next monday that is), and the I just went to collect the rest of my things yesterday, and what Jessica said is totally true. It feels like walking around in a haunted place. It's so empty and sad.
One of the other things that I think really should also be discussed on this story is how the San Antonio community is losing approximately 60 psychiatric beds. Our city has so many people with severe mental illness and most of the beds we had were contract beds paid for by the state and county. Those beds are being reallocated but other for-profit psych facilities don't want them because they can't pay as much as insurance or even Medicaid. Our city has two free standing psychiatric facilities at the moment, and two or three hospitals with some psych beds. It's not enough for the 7th largest city in the US. It's just not.
Gotta make your voices heard.
@@Ahtaht227 we tried. We tried really hard and it just sucks. Texas has consistently cut money for mental health spending year after year and people keep voting for the folks that do it.
@@RinkShadow heart breaking
60 psych beds is a really big deal. The hospital does in-patient psych or just holds???
@@456myer it was 7 hold beds and the rest were regular, we had people in the past who had stayed for months to get better. Though most people were good to go by a week or two
I love this, true investigative reporting. I am so appreciative of Gail's team getting this information out.
It is all about money. Greed Greed Greed
This is sickening..I’m disgusted by the greed trading lives for dollars
Wealth care vs. Health care
Much more accurate than "private equity" vs "health equity." "Private equity" seems to me to be a euphemism for bloodsuckers.
I wonder if this is exactly what happened to Desert Springs Hospital in Las Vegas, which recently closed. Im aware of another, in Venice Florida, that closed very suddenly, surprising all of its employees. It sounds like the hospital is taking the money given by the investors, and sticking it into administrative pockets, instead of into the hospital for the patients. Much the way the COVID stipends, that were suppose to partially go to the hospital workers. We did not see one dime of the millions of dollars the hospital received from stipends (in Las Vegas). Not one single penny. Perhaps the corporations that own these hospitals need to be investigated. It's a crime hospitals/healthcare was permitted to be a corporate business.
This is an important issue to Americans while lawmakers spend time on identifying who is male or female.
Only Republicans are trying to do that. They're not lawmakers.
For sure. Its a divisive concept put out there to divide our country and distract people from what is truly important. Its so silly. Stuff like this impacts more people and communities.
the lawmakers don't go to the same hospitals as the rest of us
@@montanagal6958 look at trump he got coivd he got free vip treatment wile the rest of us died alone in icus
This story has me thinking about elephants, the eye of a needle, and fitting through.
It's always about the effing dollar!
To quote Bernie Sanders we demand health care for all. No more private insurance bilking the citizens and refusing claims payments fleecing the citizens for additional out of pocket expenses.
I was hospitalized in this hospital for over 3 weeks back in 2021 with covid pneumonia.. I remember the experience was not so great.. the staff was great, but I remember they lacked many things needed for patients.. it's not their fault. They don't have enough space for patients.. it's sad 😢
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Allow the public to OWN hospital property. We can if we persevere. Please work towards public ownership.
That's an awesome idea. Now, we just need the financial, legal, and legislative help to do it. Too bad may of the billionaires and medical administration types are all about the greed.
Maybe we need to get Doctors without borders to help. They seem to know how to operate hospitals under the worst cases imaginable.......
I wonder how many Lexas lawmakers have invested in Medical properties trust.
CBS,you were born for this kind of reporting.Keep the faith.
This isn't about "investors" at all. It's about how poor people can't afford to pay for healthcare. An overhaul of the insurance system or going single-payer is the only way to fix this.
Steward bought Tenet...and it's been a mess ever since
Vultures! Its all about the money.
PRIVATE EQUITY SHOULD BE OUT LAWED.
This so heartbreaking and wrong.
Too many patients who don't or can not pay bankrupt hospitals.
"Pirate Equity" strikes again!
hospital need not to be able to charge arm and leg to uninsured if insurance take what they pay
The poor get sicker.
The rich get richer.
Oh man, can they get much slicker!
Virginia Mason/Franciscan Medical Group just announced the complete closure of the eye care clinic at our FMG Clinic. Because of the ongoing "financial crisis" was their reason. No warning to the staff at all. The clinic was very much a going concern, always busy. And their patients are stranded, unable to get their medical records or referrals to the other remaining eye clinics in the area.
I didn't know hospitals are rented???? Unbelievable.
"Investors' role in next week's closure of San Antonio hospital under scrutiny" so let's otherwise "Convince It Forward"
The epitome of "Let them eat Cake!" mentality
End medical bureaucracy! Healthcare for everyone!
Cant pay your bills when your customers are often uninsured
but in Texas, and other Republican-controlled statehouses, no law will ever be passed that allows the government to look into the problems/crimes being committed by these entities.
If the hospital is denying the accountability and so is the land owners, whose to blame for all.of these then the patients and the employees?
Banks failing, hospitals failing, Department Stores failing, interest rates rising, inflation rising, layoffs through the roof, see the trend?
They shut one down to build another one doesn't make sense when recently changed names. It's a good hospital
Look up East Texas Medical system if this interests you. Millions in Texas go without already.
Excellent investigative journalism. Thank you Dr. John - very clearly well research and fact checked.
Yhe free stanting ERd are an issue too. The turnover in companies jeopardizes care. Every time you go they do not havr your medical records because yhe last company left and all the records went with them. What did they do with my records??? I went in on an emergency one yime and they didn't have any of my info let alone my insurance info. It was scary because i was not conscious.
This is why healthcare should not be a for-profit industry. Real estate should never jeopardize healthcare. This is all disgusting.
All of the people who are responsible for shutting this hospital down should have their addresses and phone numbers published.
This is NOT the only hospital on the South side. There is a larger Baptist Hospital close by. This is however, a hospital that throughout its history has provided egregious care that fell far below the standard of care. The community members would say it was the place you go to die. Physcians for the most part could not get positions elsewhere. The only are of the hospital that provided safe and skilled card was the Women's Center and OB.
The city needs to condemn it and take it over. If condemn they cannot sell it to anyone and put an end to this scam.
The amount of
Undocumented immigrants and uninsured patients will continue to crumble the healthcare system. San Antonio has a large population of undocumented immigrants who have co morbidities that require regular healthcare that they don’t pay for. I have taken care of countless patients that literally cross the border and bring their family members directly to a hospital to seek Care because in Mexico if you don’t have money, they don’t treat you. So unless you address the root of the problem, you continue to see hospitals close.
Nope. It's private equity; that's what it does, buys an enterprise, takes out loans against it, runs it into the ground while selling off real property and paying themselves and their shareholders nice bonuses. It's what they do. Now, they're doing it to hospitals.
Why this is legal in this country idk, except for that 💰💰💰 is worshipped more faithfully than God.
Welcome to corporate healthcare!!
Corporations are buying up medical clinics too, and "mining them" to make them "more efficient" (read less time with patients, fewer lab tests, easy to audit charts that guaruntee payback to insurers). Wallstreet is killing medicine.
Greed is ruining the US healthcare system.
It’s Steward. It’s what they do. IT’S ALL THEY DO!!!!!!
Massachusetts is the next target for Steward scam😢
Si gle payor?look at the state of health Care in Canada and the UK . The billing department commits😊,Fraud some clerks lack training. Administration sign the check from the back. I can write a book
Sounds like the trust lost money in this deal. Which private company publish their Financials? Stupid
Where will all the texas shooting victims go for treatment?
This is what happens when healthcare isn’t a right. This country says if you can’t pay you don’t have a right to have a hospital within a few miles. When you do go to an emergency room they only have to keep you alive not make you whole. The land can be rented out and anything in a hospital can be rented , bartend and sold to the highest bidder.
In other words, the risk of death just went up for a certain group of people...no equality here.
People need to learn to read a 10K. Want to see their financial positions? Learn to read a 10K, thats transparency. Be mad at your community from not paying their bills.
Straight from their 10K.... "Our revenues are dependent upon our relationships with and success of our tenants, particularly our largest tenants,"
Have seen the cost of care vs what medicaid pays? And the Americans even if they could pay for care , they decide decades ago they eerent going to actually pay for it.
How will he get by on $70million? Meanwhile people will die without adequate health services.
sad!🙏
No mention of how much free care they needed to provide to immigrants. It must be a factor.
Nope. Check out the other reports. This is a private equity, aka "pirate equity," thing. The buy and cannibalize/pillage companies as their business model. Huge amounts of money are involved, CEO's and shareholders get their money, while employees and communities get shafted. We need to make this practice illegal or tax it prohibitively. This has been a thing since at least the 80's, but laws must have been passed making it easier or more profitable because this is now commonplace. 🤬
Geez, ..ya mean the want$ of the few Don't outweigh the needs of the many? -At least they are reporting on it.
San Antonio is cesspool
Freedom of information act?
Unfortunately, I believe that only applies to gov't organizations. We absolutely NEED a FOIA for private equity and big corporations.
#BernieKnows 💙
Crazy
Do you serve good or mammon?
Looks like every industry is dying except the finance industry. Happy Passover!
Criminal mischeif.
Laws of states are different, transparency of all non profits and health care entities will be required in Democratic states, Republican governed states, not so much if at all.
Don’t believe that this community will miss the hospital. I grew up there and EVERYONE knows this hospital as the “Hospital of Death” why? Because we are all Latinos and don’t matter to many medical staff because we can’t pay at the same level like the rich side of San Antonio. Many patients that checked in…never checked out.
That was more so true when it was called southwest generals. Upon the rebranding of TVMC. The quality in care and staff had changed. It truly became a helpful resource for the southside
Southsider here. I am a part of this community. This hospital will be missed!! This hospital saved my father's life. His heart stopped 15 times (I'm not being dramatic). They did not give up on him. He is still here with us because the staff that worked on him cared. I worry about ETA to another hospital should an emergency happen. It took 3 minutes to get there which also helped with saving his life. The whole situation is concerning.
Medicine resident doctor here, Once the medical residency and new critical care doctors came there the quality improved greatly. A lot of problems came from lack of funding and the fact that when many of these pts came to the hospital they were already so chronically ill bc a lack of exposure to health care.
Smh
Ahora llegaron la familia a latino america a lucrarse
Predatory Capitalism
Exactly! 🤬
Biden Administrations Healthcare or netter yet the lack off.
There U go
GREED!
WELL TEXAS HAS THE GREATEST REPUBLICAN. HOT WHEELS ABBOTT AND SIDE CAR PAL WASHED UP SPORTS MAN FROM CHANNEL 11 KHOU HOUSTON. THE UNDER INDICTMENT ATTORNEY GENERAL IS NO HELP EITHER.
Worst reporting ever. It's the landlord's fault? How is that! Steward mismanaged it's operations & Government insurance for the poor refused to reimburse the hospital enough to cover the costs of care. No big mystery here. Terrible reporting!!!
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Medical Properties Trust: en.wikipedia.org/wiki/Medical_Properties_Trust