![]() ![]() “It’s all pretty opaque, so nobody can say absolutely for sure,” he said. By contrast, the requests from hospitals and health systems for that pool of money representing hospital’s lost revenue and added expenses solely because of COVID totaled 2.8 billion. “They’re in a really bad place financially.”Īn official at the Massachusetts Nurses Association said he isn’t overly worried about Steward’s finances because the company appears to have enough money to continue growing and investing in its existing hospitals.īut Steward should submit the required financial information to state officials, said Dana Simon, director of strategic campaigns for the nurses union. “They have more debt than assets,” she said after reviewing the company’s financial statements. 1, meaning it will no longer assign its staff doctors to treat about. Steward’s losses the past two years also reflect acquisition costs, he added.īut Bentley University finance professor Kristina Minnick said Steward’s financial losses and debt levels are concerning. The Boston Globe reports that Compass has accused Steward of failing to pay bonuses to doctors and rents on office space and equipment. Steward Health Care System has cancelled its contract with Cambridge-based health insurer Senior Whole Health, effective Jan. “Predictably, this has had an expected effect on financial margins,” Grubb said in an e-mail. Steward has acquired many hospitals that needed major investments. Steward spokesman Darren Grubb said Friday that the company is financially strong, noting that revenues are increasing. (Steward closed Quincy Medical Center amid financial challenges in 2014.) The long-struggling Carney Hospital in Dorchester lost more than $23 million in 2018. The report from Massachusetts health officials Friday shows that several of Steward's individual hospitals were profitable last year, but some were losing money. Ralph de la Torre put his seven-bedroom West Newton Hill home up for sale. Steward also moved its headquarters from Boston to Dallas, closer to many of its new acquisitions. The talk among hospital executives intensified this month when Steward Chief Executive Dr. It now operates three dozen hospitals across several US states and the country of Malta. We operate practices in 11 states, offering primary care and specialty services, and our team of caregivers works collaboratively to. ![]() The following year, Steward announced two deals that allowed it to quadruple in size. ![]()
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