Legacy of Greed
Over the past 15 years, LCMC Health has grown from just a single children’s hospital to the second largest hospital system in the greater New Orleans area. This expansion has been very lucrative for LCMC. During this time, LCMC has made over $1 billion in net income.
But rather than reinvesting those profits in patient care, LCMC has increasingly treated its hospitals as an investment vehicle for Wall Street assets. Since 2017, it has earned $524 million in investment income.
Meanwhile, LCMC’s level of charity care has been paltry by comparison, accounting for just 0.82% of its total expenses, far below the national average of 2.6%.
Patients are also being charged more. LCMC’s charge-to-cost ratio is higher than the state average — and rising — while the state average has declined. Charges that far exceed hospital costs are strongly associated with higher hospital profits.1
As patients receive less access to affordable care, LCMC executives have taken home over $309 million over the past decade. CEO Greg Feirn alone has received $20.4 million since 2013.2
Spirit of Greed: LCMC Net Income vs. Executive Compensation vs. Charity Care Since 2017
Source: IRS Form 990s
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1. Fleecing Patients: Hospitals Charge Patients More Than Four Times the Cost of Care
2. Profits, investment income, executive compensation and charity care analyzed from LCMC’s Form 990s. Cost-to-charge analyzed from Medicare Cost Reports.