Ascension Health Alliance and TowerBrook Capital Partners LP will shoulder most of a $45.4 MILLION settlement ending shareholder litigation over their deal to unlock long-term investments in medical billing company R1 RCM Inc.
...more...and...more...and...more...money...money...money...
https://news.bloomberglaw.com/esg/ascension-towerbrook-have-45-million-deal-in-r1-rcm-stock-case
Exactly!
Thank you! Maybe some intrepid journalist will investigate this.
Ascension being not-for-profit is the biggest load of rubbish they ever spout. Ascension Capital invests in all the for-profit companies they want, then they make Ascension Health sign contracts to do business exclusively with those companies, then they price the CR-P outta those services so all the not-for-profit “expenses” are funneled into the for-profit “revenue” of their much more lucrative pocket-padders. Ascension “Health” is just a government supported facade for what is really Ascension Wealth.
This 2014 article by the St. Louis Post-Dispatch revealed the "Ascension Mystery Conglomerate" owned more than 100 FOR-PROFIT companies:
https://www.stltoday.com/news/local/how-a-st-louis-based-health-care-system-became-one-of-the-nations-biggest/article_c07ada87-ab74-5175-a0b0-5219dd7b95f1.html
(But, of course, this was published BEFORE Rocco hired Nick to bring the "Ascension" brand into the public eye. In 2014, they just kind of slithered around in the shadows. In fact, many employees at Ascension-owned hospitals were clueless about just how big this Ascension Mystery Conglomerate really was.)
C'mon news media. WE NEED MORE ASCENSION ENTERTAINMENT. Ask the questions.
For example -- trivia question -- how many FOR-PROFIT companies are owned by the ASCENSION MYSTERY CONGLOMERATE. Inquiring minds would like to know.
This was a good start:
https://www.statnews.com/2021/11/16/ascension-running-wall-street-style-private-equity-fund/
"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 than what others have pursued so far. Ascension and TowerBrook began investing jointly in late 2015."
“That is quite an aggressive and controversial strategy, and it is not clear how those investment incomes or returns are aligned with Ascension’s charitable mission,” said Ge Bai, a Johns Hopkins University professor of accounting and health policy."
Dr. Bai: Duhhhhhhhhhhh!