Steward Health Care System

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Steward Health Care
IndustryHealthcare
PredecessorSteward Health Care System
Founded2010
FounderCerberus Capital Management
Headquarters
Richardson, Texas (2018)
,
US
Area served
New England, Arizona, Arkansas, Colorado, Louisiana, Texas, Utah and Malta.
Key people
Ralph de la Torre, MD CEO/President
Revenue~$8 Billion
OwnerCerberus Capital Management
Number of employees
>40,000
Websitewww.steward.org
Footnotes / references
[1][2]

Steward Health Care is the largest private hospital operator in the United States.[1] The company was established when the Caritas Christi Health Care system was sold to the private equity firm Cerberus Capital Management in 2010; Cerberus converted Caritas to a for-profit company and renamed it Steward Health Care System.[3] Steward Health Care has 37,000 employees, over 5,000 hospital beds across 36 hospitals, and serves more than 10 states.[3] Steward Health Care is led by CEO Ralph de la Torre, MD,[4] and located in Boston. The System is still owned by Cerberus Capital Management.[4]

History

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 almost six years ago. Steward said Medical Properties Trust. would buy all of its hospital properties for $1.2 billion and pay $50 million for a 5 percent equity stake in the company. Steward will lease the properties from MPT, based in Birmingham, Alabama. The deal is expected to close in the second quarter of the year.

In May 2017, Steward announced a proposed merger with Iasis Healthcare, headquartered in Franklin, Tennessee, making the private for-profit hospital operator the largest in the United States. The merger will make Steward the parent organization to 36 hospitals across 10 states, with revenues of nearly $8 billion.[5] The deal would need regulatory approval.

In October 2017, Steward completed its acquisition of 18 Iasis Healthcare hospitals in a deal that was reportedly for $2 billion.[1]

In February 2018, Steward announced that its top management will relocate to Dallas, Texas from Boston.[2]

Business model

The System's business model is based on being a low-price leader in the provision of high quality care.[4] Consistent with this model, the System has taken steps to reduce the direction of surgical patients toward teaching hospitals in the Boston area.[4] The System has also worked with payers to negotiate patient group-oriented budget pricing.[4]

Hospitals

Hospital Location Bed count Emergency Department Founded Notes
St. Elizabeth's Medical Center Brighton 252 Yes 1868 Founded by Third Order of St. Francis. Steward's tertiary care center.
Carney Hospital Dorchester 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 267 Yes 1993 Merger of Cardinal Cushing General Hospital and Goddard Memorial Hospital
Holy Family Hospital Methuen 261 Yes 1950 Formerly Bon Secours Hospital, founded by Sisters of Bon Secours.
Norwood Hospital Norwood 264 Yes 1902 Formerly Willett Cottage Hospital
Saint Anne's Hospital Fall River 160 Yes 1906 Founded by Dominican Sisters of the Presentation
Holy Family Hospital at Haverhill Haverhill 122 Yes 1887 Formerly Merrimack Valley Hospital and Hale Hospital
Nashoba Valley Medical Center Ayer 57 Yes 1964 Formerly Beth Israel Deaconess-Nashoba
Quincy Medical Center Quincy 196[6] Yes 1890 Main hospital closed. ER is open and used as a satellite facility of Carney Hospital
Morton Hospital and Medical Center Taunton 152 Yes 1888 Formerly Morton Hospital & Medical Center
New England Sinai Hospital Stoughton 212 No NESH is a long-term post-acute rehab hospital.
Davis Hospital and Medical Center Layton 220 Yes
Jordan Valley Medical Center West Jordon 172 Yes
Jordan Valley Medical Center- West Valley West Valley City 102 Yes
Mountain Point Medical Center Lehi 40 Yes 2015 Opened in 2015 as a newly constructed campus of Jordan Valley Medical Center
Salt Lake Regional Medical Center Salt Lake City 158 Yes
Mountain Vista Medical Center Mesa 178 Yes Operates as a campus of St. Luke's Medical Center
St. Luke's Medical Center Phoenix 200 Yes
St. Luke's Behavioral Health Center Phoenix 124 No
Tempe St. Luke's Hospital Tempe 87 Yes Operates as a campus of St. Luke's Medical Center
Odessa Regional Medical Center Odessa 225 Yes 1975
Southwest General Hospital San Antonio 327 Yes
St. Joseph Medical Center Houston 790 Yes 1887
The Medical Center of Southeast Texas Port Arthur 199 Yes
The Medical Center of Southeast Texas—Victory Campus Beaumont 17 Yes 2005
Wadley Regional Medical Center Texarkana 370 Yes 1900
Glenwood Regional Medical Center West Monroe 278 Yes 1962
Wadley Regional Medical Center at Hope Hope 79 Yes

Other facilities

Non-acute Steward facilities which offer a variety of services include Steward Home Care and the Steward Medical Group.[3]

Quincy Medical Center

After years of multimillion-dollar losses and a rapidly declining patient population, Quincy Medical Center closed in December 2014.[7] In the wake of the hospital’s closure, Steward Health Care announced that it would transition its primary, specialty, and veterans[8] care to a network of local facilities.[9] The healthcare company also announced that it would continue to operate its emergency department at the Quincy Medical Center facility,[10] and that it would provide substantial employee assistance, severance, and job-placement services to Quincy Medical Center staff.[11]

Steward Health Care’s transition plan has received approval from the Massachusetts Department of Public Health and from the Massachusetts Attorney General.[12]

References

  1. ^ a b c Kacik, Alex (2017-10-02). "Steward closes $2B acquisition of Iasis' 18 hospitals". Modern Healthcare. Retrieved 2017-10-03.
  2. ^ a b McCluskey, Priyanka Dayal (2018-02-23). "Steward Health Care to move top executives to Dallas". The Boston Globe. Retrieved 2018-02-24.
  3. ^ a b c "Steward Health Care". Steward Health Care. Retrieved September 25, 2012.
  4. ^ a b c d e Liz Kowalczyk (September 17, 2012), "Steward hires away top surgeon from Mass. General", The Boston Globe, Business section, bostonglobe.com, retrieved September 25, 2012
  5. ^ Dayal McCluskey, Priyanka (2017-05-19). "Steward Health Care merges with Tenn. hospital system". The Boston Globe. Retrieved 2017-05-19.
  6. ^ [1]
  7. ^ https://www.bostonglobe.com/business/2014/12/26/quincy-medical-center-closes-its-doors-midnight/tU9GOvwImj8n7S1qmz8goN/story.html
  8. ^ http://weymouth.wickedlocal.com/article/20150112/News/150119313
  9. ^ https://www.bostonglobe.com/business/2014/11/06/steward-shut-down-quincy-medical-center-largest-massachusetts-hospital-closure-decade/bVl0qPstKwouQLMKQ3UJiI/story.html
  10. ^ http://www.wcvb.com/health/steward-to-open-satellite-er-at-quincy-medical-center/30266462
  11. ^ https://www.bostonglobe.com/business/2015/01/14/coakley-requires-steward-maintain-quincy-emergency-room-for-one-year/IG9z474UkEAs6wkQ1qXqbN/story.html
  12. ^ http://www.bizjournals.com/boston/blog/health-care/2015/01/steward-will-keep-quincy-medical-centers-er-open.html

See also

Partners HealthCare

Further reading

Weisman, Robert (August 12, 2011). "Unions, hospitals face off". Boston Globe. {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)

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