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Behold, the Non Profit Health Industry
Posted by: Acer
Date: July 06, 2019 11:00PM
I was thinking about posting this to a thread on the other side, but figured it was better here.

Do you see the biggest skyscraper in this picture of Pittsburgh? The black one to the right labeled UPMC? That building is owned by our biggest local health insurer and health service provider, which not only insures, but has bought up a significant portion of hospitals, doctors offices and outpatient facilities in western Pennsylvania.

As a non-profit, they don't pay property taxes on most of their properties within the city.

The building was built for its former tenant, U.S. Steel. UPMC's chief rival, Highmark Blue Cross-Blue Shield owns the more modest building on the farthest left with the single big pyramid on top.

They are both charities...fighting each other to dominate the market. No money to see here, folks, go back to your homes.

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Re: Behold, the Non Profit Health Industry
Posted by: mrbigstuff
Date: July 07, 2019 12:46AM
Exactly. The shiniest new buildings in many otherwise economically hurting areas are related to healthcare in some fashion. It's true all across America.



Edited 1 time(s). Last edit at 07/07/2019 12:47AM by mrbigstuff.
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Re: Behold, the Non Profit Health Industry
Posted by: GGD
Date: July 07, 2019 01:18AM
The medical center that I use did some upgrading recently, it's still not totally finished but getting close.

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The entire Stanford University Medical Center Renewal Project is estimated to cost $5 billion, including $2 billion for the Stanford hospital, and $1.1 billion for the Lucile Packard Children's Hospital expansion. The remaining costs include seismic retrofitting of the existing hospital, renovations and upgrades to the existing hospital facilities and utility upgrades on Welch Road.

But the got a little bit of help.

Quote

The $1 billion Campaign for Stanford Medicine, which includes funding for the new building and invests in medical research and teaching, is at 73 percent of its total goal since its inception last May, with gifts from 13,000 individuals. Three donors made gifts of $50 million each: Tashia and John Morgridge, Anne and Robert Bass, and Christopher Redlich. Eight companies committed $200 million, including Apple, Cisco, eBay, Hewlett-Packard, Intel Intuit, NVIDIA and Oracle.


[paloaltoonline.com]
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Re: Behold, the Non Profit Health Industry
Posted by: Speedy
Date: July 07, 2019 05:47AM
pdq, how much is the Mayo Clinic spending on its expansion? Got a pic of Rochester’s skyline?



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Behold, the Non Profit Health Industry
Posted by: cbelt3
Date: July 07, 2019 09:30AM
Cleveland Clinic is the largest employer in CLE. And their costs are ... really not that high ! Comparatively.
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Re: Behold, the Non Profit Health Industry
Posted by: sekker
Date: July 07, 2019 03:20PM
This is all by design. Even for-profit health care companies are building, building, building...
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Re: Behold, the Non Profit Health Industry
Posted by: DeusxMac
Date: July 07, 2019 04:41PM
Quote
sekker
This is all by design. Even for-profit health care companies are building, building, building...

"Buy land. They ain't making any more of the stuff."
- Will Rogers
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Re: Behold, the Non Profit Health Industry
Posted by: bfd
Date: July 07, 2019 07:10PM
Well, Pitt (and UPMC) has a football team. What does Blue Cross have?thumbs up smiley
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Re: Behold, the Non Profit Health Industry
Posted by: pdq
Date: July 07, 2019 08:13PM
Quote
Speedy
pdq, how much is the Mayo Clinic spending on its expansion? Got a pic of Rochester’s skyline?

I dunno Speedy - I’m in the cities, not Rochester.

But (as you prolly know) the former CEO of United Health (UHC) was able to buy himself a major league soccer team, and build a stadium, on his own dime.

So much non-profit!
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Re: Behold, the Non Profit Health Industry
Posted by: Speedy
Date: July 08, 2019 07:34AM
Quote
pdq
Quote
Speedy
pdq, how much is the Mayo Clinic spending on its expansion? Got a pic of Rochester’s skyline?

I dunno Speedy - I’m in the cities, not Rochester.

But (as you prolly know) the former CEO of United Health (UHC) was able to buy himself a major league soccer team, and build a stadium, on his own dime.

So much non-profit!

Oh, I thought you were in the SE area of the state.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Behold, the Non Profit Health Industry
Posted by: sekker
Date: July 08, 2019 10:24PM
Quote
pdq
Quote
Speedy
pdq, how much is the Mayo Clinic spending on its expansion? Got a pic of Rochester’s skyline?

I dunno Speedy - I’m in the cities, not Rochester.

But (as you prolly know) the former CEO of United Health (UHC) was able to buy himself a major league soccer team, and build a stadium, on his own dime.

So much non-profit!

The last CEO at Mayo Clinic earned $700k/year, if this site is correct.

[www.comparably.com]

Compare to other CEOS:

[docs.google.com]



Edited 1 time(s). Last edit at 07/08/2019 10:25PM by sekker.
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Re: Behold, the Non Profit Health Industry
Posted by: pdq
Date: July 08, 2019 11:07PM
I was referring to Bill McGuire:

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From 1989 until 2006, McGuire received compensation from UnitedHealth in the form of stock options that eventually became worth around $1.6 billion [which, IIRC, was in addition to whatever his salary was]

...On December 6, 2007, the Securities and Exchange Commission announced a settlement, under which McGuire was to repay $468 million as a partial settlement of the backdating prosecution. McGuire was fined $7 million and agreed to not serve as an officer or director of a public company for ten years.

Leaving him with stock options worth only a little over $1.1 billion. Did I mention he ran a health care insurance company which granted him all these options?

To be fair, he and his wife are philanthropists, and have given millions to charitable causes. But they’ve kept enough to squeak by. And personally buy a major league men’s soccer team. And personally build a ~20,000 seat stadium for them to play in. And end up on Forbes list of the 500 richest Americans.

So much non-profit!
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