MultiCare Health System Investing Millions on Wall Street Instead of Improving Patient Care

Key Highlights :

1. Providers at one of the largest Urgent Care Clinics in are a step closer to a picket and going on strike.

2. The health nonprofit has been purchasing things as opposed to compensating their staff more. Much of this increase in assets has come in the form of financial investments.

3. It is unclear what hedge funds or private equity projects MultiCare is underwriting.

4. While MultiCare has refused to disclose where this money has been invested, they revealed in their 2021 audit that 35% of the amount was invested in private equity in developed markets, 20% as venture capital in developed markets, and 45% in emerging markets.

5. MultiCare acknowledges that these assets are permanently tied down in this speculative activity.

     MultiCare Health System, one of the largest Urgent Care Clinics in Washington, is facing a potential strike by its providers over a lack of investment in patient care. In a unanimous vote, doctors, nurse practitioners, and physician assistants voiced "No Confidence" in Bill Robertson, CEO of Tacoma-based MultiCare Health System, citing the network's preference for investing millions on Wall Street instead of improving workplace conditions for its providers.

     The Union of American Physicians & Dentists (UAPD) is representing the providers in their negotiations with MultiCare, and are asking for a cost-of-living adjustment as well as guaranteed time for bathroom and lunch breaks during their 12-hour shifts. However, instead of investing in its providers and patients, the nonprofit has been buying land, speculating on Wall Street, and raising executive salaries.

     MultiCare's total assets have skyrocketed from in 2013 to over in 2021, much of which has come from financial investments. According to their own tax returns, by the end of 2021 the company held over just in publicly traded securities and an additional half billion dollars in 'other securities'– more than it owns in land after accounting for depreciation.

     The UAPD has organized physicians and providers since 1972, and is the largest union of licensed physicians and advanced practice clinicians nationwide. With more than 5,000 members in California, Oregon, and Washington, the union is affiliated with AFSCME and AFL-CIO, and is working to bring the strength of the labor movement to the aid of providers in the interest of better medicine for all.

     MultiCare's decision to prioritize investments on Wall Street over patient care has left providers struggling to deliver care while meeting the network's limit of 15 minutes per patient. This is a clear example of how corporate greed can have a negative impact on patient care, and a reminder of the importance of the labor movement in ensuring that patient care remains a top priority.

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