Allina (Page 3)

What’s taking Allina Health so long?

By Barbara Brady

MNA Communications Specialist

While MNA nurses in Duluth and Superior were working to reach a tentative agreement with Essentia Health on a new three-year contract this week, MNA nurses in the Twin Cities were preparing for a second strike against Allina Health.

Why is this a tale of two or four cities? There’s no reason Allina can’t follow Essentia’s lead and negotiate a contract that benefits the nurses and their employer.  Nurses really do put the care in healthcare.  They provide the value for the hospital.  Often, they are the first and last faces a patient sees when they’re admitted and discharged.
… Read more about: Essentia Hospitals Come to an Agreement with Nurses  »

By Mathew Keller, RN JD
Regulatory and Policy Nursing Specialist

We’ve detailed at length the connections between Piper Jaffray and Allina. Piper Jaffray, as you recall, served as a broker/dealer to a 2007 “Auction Rate Security” bond offering that ultimately led Allina to sue. Allina claimed that the other broker-dealer (UBS) knew the Auction Rate Security market would fail mere months after the bond offering, but, interestingly, Allina did not make that claim against Piper. This transaction caused Allina to lose tens of millions of dollars in penalty interest rates, interest rate swaps, and early termination fees when it refinanced the bonds.
… Read more about: MNA Requests Meeting with US Bank in order to Save Allina Money  »

By Mathew Keller, RN JD
Regulatory and Policy Nursing Specialist

 

Despite all of its bad deals and big debts, Allina Health is still making piles of money. As this space detailed back in June, Allina has made more than $1.3 billion dollars in net revenue over the past 6 years for which financial disclosures are available. That’s after expenses, including salaries, $23.9 million in executive pay, millions to buy out McDonalds’ lease, $60 million lost on bad loans, and so on.

While Allina is a not-for-profit company, it still has to pay taxes on things like capital gains.
… Read more about: Where Are Your Medicare Dollars Taking a Vacation?  »

Contact: Rick Fuentes
(o) 651-414-2863
(c) 612-741-0662
rick.fuentes@mnnurses.org

Barbara Brady
(o) 651-414-2849
(c) 651-202-0845
barbara.brady@mnnurses.org

(St. Paul) – August 26, 2016 – Nurses represented by the Minnesota Nurses Association filed a 10-day notice of intent to strike with Allina Health Friday morning. Nurses will begin an open-ended Unfair Labor Practice strike beginning at 7 a.m. on Monday, September 5, Labor Day.

“Nurses sent a message to Allina again last week with an overwhelming vote to reject the employer’s latest offer and authorize a strike,” said MNA Executive Director Rose Roach. “Nurses are exercising the voice they have, and as of 6 a.m.
… Read more about: Press Release: MNA Nurses Set to Strike Allina Health on Labor Day  »

By Mathew Keller

Integrity. Respect. Trust. Compassion. Stewardship. These are the core values of Allina Health. The Oxford dictionary defines integrity as “the quality of being honest and having strong moral principles; moral uprightness.” So why, then, does Allina continue to tell its nurses that it needs to shift $10 million in healthcare costs to them? In 1,664 pages of financial disclosures to the IRS and its bond investors from 20012014, Allina never once represents that it is anything but highly profitable, making a reported $1.3 billion dollars in net revenue over the past 6 years alone.
… Read more about: Allina Health Integrity and Irony  »

By Mathew Keller

and Jordan Ash

We’ve seen that Allina is taking on more and more debt, $880 million in all. We’ve seen who benefits from that debt (hint: look to the Board). Today, we look into a particularly bad deal Allina made with UBS Securities and another big bank; a deal that led to losses in the tens of millions, a lawsuit; and the intervention of Minneapolis and Saint Paul.

Auction rate securities (ARS). They were popular back before the financial crisis, and the big banks loved them. Like most of the financial instruments that tanked in the recent recession, though, they’re completely made up.
… Read more about: Allina’s Bad Deals and Big Debts  »

board of directors

By Mathew Keller

and

Jordan Ash

Allina is quickly racking up the amount of debt it carries, increasing its total obligation over the past ten years by 60 percent to $880 million. The magic question, however, is why Allina needs $880 million of debt. Why, if it is willing to spend such amounts on expansion and executive pay, is it so unwilling to invest in the healthcare of its nurses?­ As with all things big business, just follow the money.

Money which, in this case, leads directly to Piper Jaffray.  As you recall, Piper

Jaffray has had a huge hand in increasing Allina’s debt obligations, underwriting in conjunction with other banks $1.6 billion dollars in loans to the healthcare company since 1993.
… Read more about: Who is telling Allina to Mortgage the Future of Patient Care?  »

Allina big debt

By

Mathew Keller and Jordan Ash

Allina Health claims it needs to take $10 million out of the pockets and healthcare of its nurses. The question is why, which begs a look at Allina’s finances. A check of Allina’s books, however, makes one question whether the company really is in good hands.

For starters, the amount Allina pays annually to big banks has grown to $60 million dollars a year. Allina’s current debt of $880 million dollars, in fact, represents a whopping 60 percent increase from just 10 years ago when Allina had $550 million in debt.
… Read more about: Allina’s Debt to Big Banks Increases by 60 Percent  »

By Megan Gavin

MNA Education Specialist

I opened a card last week that read, “Thank you so much for granting me hardship funds…without your generosity and assistance I don’t know how I’d get through. It is with heart-felt gratitude that I write to thank you all, for all you’ve continued to do throughout our difficult contract negotiations. Please know how grateful I truly am.” The sender continues with an anecdote about her personal experience and how these funds helped her, and I was in tears before finishing.

As MNA’s education specialist, I’ve been putting together workshops on the community resources for union members during a strike.
… Read more about: What can you get for $1.67 a month?  »

By Shannon Cunningham

Director of Governmental and Community Relations

It’d be great if we all could elect our own boss. And the boss’ boss. And the boss’ boss’ boss. A vote against is a vote to fire them. A yes vote is a vote to hire them. Most importantly, no vote at all signals that you just don’t care. Sound familiar? Maybe because we actually can do that now.

It’s why elections matter. Take Attorney General Laurie Swanson, for example. The Minnesota Nurses Association has had a longstanding great relationship with AG Swanson. We have worked with her extensively on issues, such as fair billing practices at hospitals and preventing a merger of Sanford Health and the University of Minnesota..
… Read more about: Politics & Contracts Go Together Like Peanut Butter and Jelly  »