BOSTON, Mass (WWLP) – The Massachusetts Nurses Association is demanding transparency from hospitals regarding offshore bank accounts.
22News asked both sides where your money is REALLY going.
The state’s largest nurses union claims hospitals, including Baystate Medical Center, is stashing millions in offshore accounts, in places like the Cayman Islands. While it may sound sinister, Baystate Medical Center spokesman, Ben Craft, told 22News it’s actually a very common practice.
The money’s placed offshore for self-insurance purposes for its medical staff.
Baystate claims the regulations and expertise in the Cayman Islands allows them to maintain insurance costs for its 1,400 doctors and nurses.
Ethical or not, the Massachusetts Nurses Association demands more transparency from hospitals around the state.
Donna Stern, a nurse at Baystate Franklin Medical Center told 22News “If you are putting your money in the Cayman Islands, we have the right to know why, and how much you’re putting there, and nothing should be hidden.”
Baystate Medical Center told 22News that the ability to self-insure allows the hospital to lower YOUR costs, as well as provides incentives for doctors and nurses to work in the area.
A statement by the Massachusetts Hospital Association says these offshore accounts are completely legal and routinely reported to the IRS. The nurses union just wants more transparency about exactly how much money is being put in offshore accounts.