![]() ![]() ![]() Priyanka Dayal McCluskey can be reached at priyanka. ![]() Steward’s hospital network made $29 million in profit in the first half of 2014, though three of its hospitals lost money.Ī July report from Standard & Poor’s Rating Services warned that Steward is in a vulnerable position, earning less than its competitors while maintaining huge amounts of debt. Share Listen Text Size Amid a major expansion push over the last two years, Dallas-based Steward Health Care reported operating losses totaling 592 million, according to The Boston Globe. It “has no imminent plans to sell the company,” Thurston said. Steward has not indicated if there will be a sale. We also provide patients the ability to order prescription refills and check financial medical statements on their computer, phone, or tablet. Under the terms of the agreement, Steward will purchase five hospitals and their associated physician practices from Tenet for approximately 1.1 billion. Private-equity firms typically buy troubled properties, cut costs, improve earnings, and sell the companies for a profit. It entered the state four years ago when it bought a system of struggling hospitals from the Archdiocese of Boston.Ĭerberus has invested in dozens of companies, from the firearms maker Freedom Group, of Madison, N.C., to the Minneapolis-based grocery chain Supervalu Inc., the former parent company of Shaw’s and Star Market. Will another hospital within your system also submit a report Yes No Don’t know 3. Steward, backed by the New York firm Cerberus Capital Management, is the largest for-profit hospital operator in Massachusetts. The move has drawn a backlash from many residents and politicians, who don’t want to see Quincy become the state’s largest city without a full-service hospital. ![]()
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