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Latest News - April 2014

April 29, 2014
Southcoast hospitals among 40 in Mass. keeping money in offshore accounts
By: Deborah Allard

At a Statehouse press conference this afternoon, the Massachusetts Nurses Association released a list of 40 hospitals that keep money in offshore accounts.

Southcoast Hospitals Group — the entity that runs Charlton Memorial Hospital in Fall River, St. Luke’s Hospital in New Bedford, and Tobey Hospital in Wareham — was listed as having accounts in the Cayman Islands.

Other area hospitals, including Massachusetts General Hospital, Dana Farber Cancer Institute and Boston Children’s Hospital, also made the list for storing money in the Caymans.

The Massachusetts Nurses Association and a handful of state lawmakers are faulting hospitals in Massachusetts for keeping money in offshore accounts and urging what they say is greater transparency in hospital finances.

The Massachusetts Nurses Association is pushing legislation which would require hospitals to report all investments.

The Massachusetts Hospital Association called the Statehouse event a union-backed “publicity stunt” and said some hospitals create off-shore accounts for self-insurance purposes.

The association said self-insurance is a “long-standing, fiscally sound and cost-effective practice for hospitals compared with the purchase of commercial coverage,” and those self-insurance entities are traditionally held in the Cayman Islands or Bermuda.




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