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Union faults hospitals on off-shore accounts

April 29, 2014

BOSTON (AP) — The state’s largest nurses’ union and a handful of state lawmakers are faulting hospitals in Massachusetts for keeping money in offshore accounts and urging what they say is greater transparency in hospital finances.

The Massachusetts Nurses Association is pushing legislation which would require hospitals to report all investments.

At a Statehouse press conference the union released a list of 40 hospitals with offshore accounts in locations like the Cayman Islands and Bermuda.

The Massachusetts Hospital Association called the Statehouse event a union-backed “publicity stunt” and said some hospitals create off-shore accounts for self-insurance purposes.

The association said self-insurance is a “long-standing, fiscally sound and cost effective practice for hospitals compared with the purchase of commercial coverage” and those self-insurance entities are traditionally held in the Cayman Islands or Bermuda.

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