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. Steward also moved its headquarters from Boston to Dallas, closer to many of its new acquisitions. It now operates three dozen hospitals across several US states and the country of Malta.
The following year, Steward announced two deals that allowed it to quadruple in size. In 2016, Steward signed a deal with Medical Properties Trust to sell its hospital buildings for $1.2 billion and use the cash to pay back Cerberus and finance a national expansion. Steward was founded in 2010 when the New York private equity firm Cerberus Capital Management bought the struggling Caritas Christi hospitals in Massachusetts. Steward’s financial statements show the company’s revenue jumped to $6.6 billion in 2018, from $3.7 billion a year earlier, as the company continued to expand. The document was filed by Medical Properties Trust Inc., a real estate investment trust that owns Steward’s hospital buildings and owned a 10 percent stake in the company, as of 2018. The court dispute continues.īut separately, Steward’s most recent financial statements became public in a filing to the Securities and Exchange Commission in August. Steward, arguing that the state has no right to demand such sensitive and proprietary information, sued the state in 2017. But Steward has not done so for several years, according to CHIA. Elizabeth’s Medical Center in Brighton, has long been secretive about its finances and business dealings.Īll hospital systems that operate in Massachusetts are required to file detailed financial information with the state every year. The privately held company, which operates several Massachusetts hospitals including St. Steward’s loss as compared to revenue was the most severe of any hospital system operating in Massachusetts last year.
The CHIA report shows that most Massachusetts hospital systems were profitable, and that hospital profit margins increased from 2017 to 2018. The company reported an operating loss of about $270 million in 2018, and $322 million in 2017, according to a recent public filing that was cited in a Friday report from the Massachusetts Center for Health Information and Analysis, or CHIA. Steward Health Care System lost hundreds of millions of dollars over the past two years as it expanded rapidly across the country from its Massachusetts base.
0 kommentar(er)
