WASHINGTON — Sen. Tammy Baldwin on Monday blasted Ascension for service cuts at hospitals in Wisconsin and questioned whether returns from the Catholic health system’s for-profit investments are actually being used to help patients.
Baldwin wrote a letter addressed to Ascension that cites STAT reporting about the extent of Ascension’s more than $1 billion in private equity investments alongside TowerBrook Capital Partners, including Ascension’s relationship with debt collection company R1 RCM.
“Ascension has significant for-profit investment activities that dwarf what the system provides in annual charity care. According to Ascension, these investments are ‘generating capital gains that can be re-invested to support Ascension’s Mission to care for those who are poor and vulnerable,’ yet there is no indication that the proceeds of Ascension’s investment funds are being reinvested in Ascension’s Wisconsin hospitals,” the letter states.
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