BOSTON, USA -- A radio ad was launched on Wednesday highlighting spendthrift Massachusetts hospital CEOs stashing millions in offshore accounts in the Cayman Islands and creating excessive compensation packages for themselves.
The release of the ad is timed to coincide with a gathering of hospital CEOs for three days of golf, lavish receptions and networking at one of the state's most luxurious resorts on Cape Cod.
While mentioning that many 'non-profit' hospitals actually have significant profit margins, the ad focuses on the need for greater transparency in hospital finances and specifically on how hospitals spend the millions of taxpayer dollars they receive annually. It highlights how many hospitals post massive profits, while smaller community hospitals serving poorer communities struggle to survive.
The ad calls for passage of the Hospital Profit Transparency and Fairness Act, which requires that hospitals receiving tax dollars (via Medicaid, Medicare and other government sources) disclose in a timely and fully transparent manner how large their profit margins are, how much money they hold in offshore accounts, and how much compensation they pay their CEOs.
To ensure access to needed services by all patients, the act also provides for enhanced funding options for hospitals serving poorer populations. If the legislature does not pass the law by July 2, the measure will appear as a ballot question this November.
The radio ad closes with the admonition to "Make sure that CEOs put patients ahead of profits."
To listen to the ad, go to http://youtu.be/iWUiOd1Je3s