North Carolina Treasurer’s Office Says Hospitals Reaping Billions from Medicare Despite Claiming Otherwise

Treasurer calls it 'biggest transfer of wealth in my lifetime'

The official U.S. Government Medicare Handbook for 2020 over pages of a Department of Health and Human Services, Office of the Inspector General report, are shown, in Washington on Feb. 13, 2020. Wayne Partlow/AP Photo

A report prepared for the North Carolina State Treasurer’s Office revealed that many state hospitals and lobbyists haven’t lost billions of dollars on Medicare patients as they previously claimed, but in fact made large profits from 2015 to 2020.

“What we’re seeing is the biggest transfer of wealth in my lifetime in North Carolina,” state Treasurer Dale Folwell said at a press conference on Oct. 25. “It’s a transfer of wealth especially from lower fixed-income people to these big multibillion-dollar corporations who disguise themselves as nonprofits.”