Billboards Unveiled to Highlight Cedars-Sinai’s Excessive Profits, CEO Pay

Billboards Unveiled to Highlight Cedars-Sinai’s Excessive Profits, CEO Pay

[April 2, 2019] LOS ANGELES – Healthcare workers unveiled a series of billboardsin Los Angeles calling out Cedars-Sinai Medical Center’s excessive profits and CEO compensation, at the same time the hospital provides one of the worst levels of charity care in the city.

“The public deserves to know that this elite hospital with huge profits and obscene CEO compensation, isn’t acting in the public’s best interests,” said Dave Regan, president of SEIU-United Healthcare Workers West, which represents more than 1,800 employees at the hospital. “On top of paying no income or property taxes, Cedars-Sinai skimps when it comes time to care for the poorest people in our community.”

Cedars-Sinai CEO Tom Priselac received $4.3 million in compensation in 2018, and the hospital reported profits of $452 million last year. Priselac’s compensation ranked as the highest among all stand-alone hospitals in California, according to IRS reports.

Non-profit hospitals such as Cedars-Sinai do not pay income or property taxes, with the understanding they will operate in the public interest. However, Cedars-Sinai spent only two percent of its net income providing care for low-income patients, according to the most recent figures reported to the California Office of Statewide Health Planning and Development. That figure leaves Cedars-Sinai tied for the second-lowest percentage among facilities reporting a profit in Los Angeles.

Billboards will appear throughout April at seven locations – all within 1.5 miles of the hospital – on Melrose Avenue, Beverly Boulevard, Fairfax Avenue and Third Street.

The 959-bed facility employs a staff of 2,000 physicians and 10,000 other workers. Of the more than 1,800 workers who are members of SEIU-UHW, their contract with Cedars-Sinai expired March 31, 2019.