Strange Tony,
Financial rapscallion TPG received money from the federal government to protect jobs. TPG owns 30% of Kindred at Home, as does Welsh, Carson, Anderson & Stowe. Yet our 60% majority owners continued cutting positions at our hospice, a depressing process that began shortly after Humana, TPG and WCAS bought us in July 2018. News reports revealed:
TPG co-Chief Executive Officer Jon Winkelried acknowledged the controversy around the use of taxpayer funds to prop up private-equity investments. TPG decided it didn’t qualify for the Small Business Administration’s forgivable loans under the Paycheck Protection Program and returned that money, he said. It did take advantage of Health and Human Services Department programs that provide advances on expected revenue from the government.
“We had a number of health-care companies that are providing vital essential services to the constituents that they serve and were impacted by the situation with Covid,” Winkelried said. “It allows them to stay in business and continue providing the services that are critical and important services.”
That is not the case at our hospice. Financial rapscallions reduced and eliminated critical important services in a series of profit maximizing moves. TPG applied for federal funds to protect jobs while our hospice cut the same.
Another view into our 60% owners hearts came from "Home Healthcare News":
Kindred Healthcare LLC has cut wages for many of its employees by 10%, and CEO Benjamin Breier is taking a 15% pay cut, a Louisville, Kentucky news station reported. Kindred Healthcare is owned by two private equity firms, Welsh, Carson, Anderson & Stowe and TPG Capital. It doesn’t appear that there have been any pay cuts at Kindred at Home, which is separate.
Pay cuts and job eliminations in a time of crisis when healthcare workers risk their lives by going to work---Heartless. This is so financial rapscallions and Kindred at Home executives can have a giant payday to add to their overflowing bounty of wealth.
What would Dame Cicely Saunders think if she were here to witness what happened to her hospice movement? I imaging she would strongly suggest this is the wrong transformation.
Management tormenting hospice professionals for their financial gain is an ugly picture and unworthy of hospice's roots. It is a symptom of our society, where the haves are unsatisfied with their vast wealth, always needing more. I don't recall Jesus proclaiming that in his Sermon on the Mount.
Anonymous
