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Profits are up at HCA. Ratings are down at Mission.

HCA Healthcare, which owns and operates Mission Hospital in Asheville, reported this month that it made $1.4 billion in profits for the first three months of 2021, more than double the amount for the same period last year. 

The new figures follow HCA’s report in February that annual profits rose to a record $3.8 billion in 2020, despite the pandemic, based on what the company called “solid cost management.”

In a proxy statement filed last month with the Securities and Exchange Commission, HCA stated its primary objective is “providing the highest quality health care to our patients, while making a positive impact on the communities in which we operate.” But the document shows that the company rewards top executives far more for taking care of shareholders than it does for taking care of patients. 

A year after announcing that its senior leaders would take up to 30 percent pay cuts during the pandemic,

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Nonprofit Mission Made Lots of Profits. Especially for Bosses.

For a hospital system organized as a not-for-profit charity, Mission Health made a lot of profits.

The money left over after Asheville-based Mission subtracted its expenses from its revenue — what would be called profit at a for-profit hospital — grew year after year, right up to 2018, when Mission’s directors surprised nearly everyone by announcing plans to sell out to Tennessee-based HCA Healthcare, the nation’s biggest chain of for-profit hospitals.

Mission at the time was as strong financially as it had ever been, which Mission’s executives said made it the perfect time to sell. They cited trends and studies suggesting that the Mission system faced a bleak future of relentless cost-cutting.

The cost-cutting apparently didn’t include the paychecks of Mission executives, which grew for years untouched by the financial scalpel.

Tax records examined by Asheville Watchdog reveal that in the decade leading up to the $1.5 billion sale of Asheville’s community-owned hospital system,

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Hello Asheville!

Welcome to AVL Watchdog – a free, local and nonprofit news service. 

We’re here because of you, our friends and neighbors, who told us that you want thoughtful and explanatory journalism to stay abreast of the issues and challenges facing Asheville and Buncombe County.  

Our Mission: We are dedicated to providing news and analysis that promotes civic understanding and participation. 

Founded and run by volunteer, national award-winning journalists and media executives who live here, AVL Watchdog will produce stories covering local government, institutions, issues and people that are fair, factual and reliable. 

Why now? Local news is in crisis. One in five American newspapers have closed, and that was before the coronavirus slashed advertising revenue. That means more layoffs and cuts to newsrooms and fewer reporters to keep watch over government and dig deep into the issues.

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