Steward Health Care System

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Steward Health Care
IndustryHealthcare
PredecessorSteward Health Care System
Founded2010
FounderRalph de la Torre[1]
Headquarters,
US
Area served
Massachusetts, Arizona, Arkansas, Colorado, Florida, Louisiana, Ohio, Pennsylvania, Texas, Utah and Malta.
Key people
Ralph de la Torre, MD CEO/President/Founder
Revenue~$8 Billion
OwnerCerberus Capital Management
Number of employees
>40,000
Websitewww.steward.org
Footnotes / references
[3][4]

Steward Health Care is the largest physician-led, private, for profit health care network in the U.S. — attending to 2.2 million people during more than twelve million physician and hospital visits annually.[3] Headquartered in Dallas, Steward’s integrated health care model employs 40,000 people at thirty six hospitals and hundreds of urgent care, skilled nursing, and primary and specialty care medical practice locations across eleven states and the country of Malta.[5] Steward Health Care is led by CEO Ralph de la Torre, MD, a Cuban-American physician, engineer and cardiac surgeon.[6]

History[edit]

Steward Health Care was started by Ralph de la Torre, MD, when Caritas Christi Health Care system was sold to the private equity firm Cerberus Capital Management in 2010; after the transaction, Caritas was converted to a for-profit company and renamed Steward Health Care.[7]

The company covers approximately three million full-risk patients through its integrated care network, hospitals, managed care and health insurance services in Arizona, Arkansas, Florida, Louisiana, Massachusetts, New Hampshire, New Jersey, Ohio, Pennsylvania, Texas, and Utah, as well as in Malta.[8]

In September 2016, The Boston Globe reported Steward Health Care System had made a deal to expand its operations. Steward lined up $1.25 billion from a real estate investment firm that will help the Boston-based company finance a national expansion, pay off debt, and return money to the private equity firm that bought it in 2010. Steward said Medical Properties Trust would buy all of its hospital properties for $1.2 billion, lease the properties back to Steward, and pay $50 million for a five percent equity stake in the company. The deal became final in September, 2017.[9]

In February 2017, Steward Health Care acquired eight hospitals from Community Health Systems, including three hospitals in Ohio, two in Pennsylvania and three in Florida.[10]

In May 2017, Steward announced a proposed merger with Iasis Healthcare, headquartered in Franklin, Tennessee, making Steward the largest private for-profit hospital operator the largest in the United States. The merger made Steward the parent organization to thirty six hospitals across ten states, with revenues of nearly $8 billion.[11]

In October 2017, Steward completed its acquisition of eighteen Iasis Healthcare hospitals in a deal that was reportedly for $2 billion.[3]

In February 2018, Steward announced that its top management will move to Dallas, Texas from Boston.[4]

Business model[edit]

Steward intended to become a low-price leader in the provision of high quality care.[6] Consistent with this model, the System had taken steps to reduce the direction of surgical patients toward teaching hospitals in the Boston area.[6] The System has also worked with payers to negotiate patient group-oriented budget pricing.[6]

Steward comprises Steward Medical Group and Steward Health Care Network, its network of primary care and specialty providers.[12]

Additional Steward services include Steward Health Choice, a managed risk platform which covers lives in Arizona, Massachusetts and Utah.[13]

Hospitals[edit]

Hospital Location Bed count Emergency Department Founded Notes
St. Elizabeth's Medical Center Brighton, MA 252 Yes 1868 Founded by Third Order of St. Francis. Steward's tertiary care center.
Carney Hospital Dorchester, MA 150 Yes 1863 Founded by Daughters of Charity of Saint Vincent de Paul and Andrew Carney.
First Catholic hospital in New England.
Good Samaritan Medical Center Brockton, MA 267 Yes 1993 Merger of Cardinal Cushing General Hospital and Goddard Memorial Hospital
Holy Family Hospital Methuen, MA 261 Yes 1950 Formerly Bon Secours Hospital, founded by Sisters of Bon Secours.
Norwood Hospital Norwood, MA 264 Yes 1902 Formerly Willett Cottage Hospital
Saint Anne's Hospital Fall River, MA 160 Yes 1906 Founded by Dominican Sisters of the Presentation
Holy Family Hospital at Haverhill Haverhill, MA 122 Yes 1887 Formerly Merrimack Valley Hospital and Hale Hospital
Nashoba Valley Medical Center Ayer, MA 57 Yes 1964 Formerly Beth Israel Deaconess-Nashoba
Quincy Medical Center Quincy, MA 196[14] Yes 1890 Main hospital closed. ER is open and used as a satellite facility of Carney Hospital
Morton Hospital and Medical Center Taunton, MA 152 Yes 1888 Formerly Morton Hospital & Medical Center
New England Sinai Hospital Stoughton, MA 212 No NESH is a long-term post-acute rehab hospital.
Davis Hospital and Medical Center Layton, UT 220 Yes 1976
Jordan Valley Medical Center West Jordan, UT 172 Yes 1983
Jordan Valley Medical Center- West Valley West Valley City, UT 102 Yes 1963 formerly Pioneer Valley Hospital
Mountain Point Medical Center Lehi, UT 40 Yes 2015 Opened in 2015 as a newly constructed campus of Jordan Valley Medical Center
Salt Lake Regional Medical Center Salt Lake City, UT 158 Yes 1883 Formerly Holy Cross Hospital founded by Sisters of Holy Cross
Mountain Vista Medical Center Mesa, AZ 178 Yes Operates as a campus of St. Luke's Medical Center
St. Luke's Medical Center Phoenix, AZ 200 Yes
St. Luke's Behavioral Health Center Phoenix, AZ 124 No
Tempe St. Luke's Hospital Tempe, AZ 87 Yes Operates as a campus of St. Luke's Medical Center
Odessa Regional Medical Center Odessa, TX 225 Yes 1975
Southwest General Hospital San Antonio, TX 327 Yes
St. Joseph Medical Center Houston, TX 790 Yes 1887
The Medical Center of Southeast Texas Port Arthur, TX 199 Yes
The Medical Center of Southeast Texas—Victory Campus Beaumont, TX 17 Yes 2005
Wadley Regional Medical Center Texarkana, TX 370 Yes 1900
Glenwood Regional Medical Center West Monroe, LA 278 Yes 1962
Wadley Regional Medical Center at Hope Hope, AR 79 Yes
Easton Hospital Easton, PA 196[15] Yes
Sharon Regional Medical Center Sharon, PA 220[16] Yes
Melbourne Regional Medical Center Melbourne, FL 119[17] Yes 2002
Rockledge Regional Medical Center Rockledge, FL 298[18] Yes 1941
Sebastian River Medical Center Sebastian, FL 150[19] Yes 1974[20]
Trumbull Regional Medical Center Warren, OH 346[21] Yes
Hillside Rehabilitation Hospital Warren, OH 69[22] No
Gozo General Hospital[23] Victoria, Malta 270[24] Yes
Karin Grech Hospital[25] Pieta, Malta No

References[edit]

  1. ^ "Ralph de la Torre M.D." Bloomberg L.P. February 21, 2019.
  2. ^ Jessica Bartlett (August 28, 2018). "Steward Health Care officially moves HQ to Dallas". Boston Business Journal.
  3. ^ a b c Kacik, Alex (2017-10-02). "Steward closes $2B acquisition of Iasis' 18 hospitals". Modern Healthcare. Retrieved 2017-10-03.
  4. ^ a b McCluskey, Priyanka Dayal (2018-02-23). "Steward Health Care to move top executives to Dallas". The Boston Globe. Retrieved 2018-02-24.
  5. ^ "Steward Health Care". Steward Health Care. Retrieved September 25, 2012.
  6. ^ a b c d Liz Kowalczyk (September 17, 2012), "Steward hires away top surgeon from Mass. General", The Boston Globe, Business section, bostonglobe.com, retrieved September 25, 2012
  7. ^ Priyanka Dayal McCluskey (September 26, 2016). "Steward gets $1.25b to fund expansion, repay Cerberus". The Boston Globe.
  8. ^ "First Choice Healthcare Solutions Announces Strategic Partnership and Equity Investment with Steward Health Care". GlobeNewswire. February 7, 2018.
  9. ^ Jessica Bartlett (September 29, 2017). "Steward closes deal to acquire 18 hospitals in six states". Boston Business Journal.
  10. ^ Melanie Evans (September 29, 2017). "Community Health Sells Eight Hospitals to Steward Health Care". The Wall Street Journal.
  11. ^ Dayal McCluskey, Priyanka (2017-05-19). "Steward Health Care merges with Tenn. hospital system". The Boston Globe. Retrieved 2017-05-19.
  12. ^ Beth Jones Sanborn (December 11, 2018). "Steward Health Care Network workflow automation yields 161% increase in care coordination". Healthcare Finance.
  13. ^ "Steward Health Completes Acquisition Of IASIS Healthcare". PR Newswire. September 29, 2017.
  14. ^ Encarnacao, Jack. "Births to return to Quincy Medical Center". The Patriot Ledger, Quincy, MA.
  15. ^ "Learn More About Easton Hospital | Easton PA". www.easton-hospital.org. Retrieved 5 September 2019.
  16. ^ "Learn About Sharon Regional Medical Center | Sharon PA". www.sharonregionalmedical.org. Retrieved 5 September 2019.
  17. ^ "Melbourne Regional Medical Center | A Steward Hospital | Melbourne FL". www.melbourneregional.org. Retrieved 5 September 2019.
  18. ^ "Rockledge Regional Medical Center | A Steward Hospital | Rockledge FL". www.rockledgeregional.org. Retrieved 5 September 2019.
  19. ^ "Sebastian River Medical Center | A Steward Hospital | Sebastian FL". www.sebastianrivermedical.org. Retrieved 5 September 2019.
  20. ^ "Learn About Sebastian River Medical Center | Sebastian FL". www.sebastianrivermedical.org. Retrieved 5 September 2019.
  21. ^ "Learn About Trumbull Regional Medical Center | Warren OH". www.trumbullregional.org. Retrieved 5 September 2019.
  22. ^ "Learn About Hillside Rehabilitation Hospital | Warren OH". www.hillsiderehabhospital.org. Retrieved 5 September 2019.
  23. ^ "International | Steward Health Care". www.steward.org. Retrieved 5 September 2019.
  24. ^ "Gozo General Hospital: Steward Health Care Malta". www.stewardmalta.org. Retrieved 5 September 2019.
  25. ^ "International | Steward Health Care". www.steward.org. Retrieved 5 September 2019.

See also[edit]

Partners HealthCare

Further reading[edit]

Weisman, Robert (August 12, 2011). "Unions, hospitals face off". Boston Globe.