Over the past two years, Steward has added to its portfolio by buying four more community hospitals, wooed large groups of doctors from Harvard-affiliated rivals Beth Israel Deaconess and Partners HealthCare, taken over post-acute care provider New England Sinai Hospital in Stoughton, and struck eyebrow-raising pacts to send patients in need of more complex care from its community hospitals to Partners-owned Massachusetts General and Brigham and Women's hospitals in Boston.īut it’s too early to say whether Steward’s model is more economical. Every hospital has to think about its place in the future.” “The new model seems to be bigger is better if you’re going to survive. Thieme, executive director of the Massachusetts Council of Community Hospitals. Steward “has capital, and capital is the name of the game,” said Donald J. Many are choosing the latter route - just last month, Jordan Hospital in Plymouth signed a letter of intent to be taken over by Boston’s Beth Israel Deaconess Medical Center. The system’s rapid rise has forced other hospitals to figure out whether they can afford to keep going it alone or need to connect with a stronger partner. “By every measure, we’re actually ahead of the plan.” “We have a pretty complete business plan,” said de la Torre, who insisted the company expected to lose money its first year. De la Torre brims with confidence about the chain’s future, even though it has yet to turn a profit. Steward borrowed nearly $100 million in its first year.Ĭaritas, which had been affiliated with the Roman Catholic Archdiocese of Boston, had threatened to close some of its money-losing hospitals before the Steward deal gave it a backer with deep pockets - a factor that influenced Coakley’s recommendation.įor its partners, rivals, and regulators, the face of Steward is its chief executive, Ralph de la Torre, a former cardiac surgeon and Caritas president who engineered the deal with private equity firm Cerberus Capital Management and then signed on to run Steward. The report said Steward has complied with conditions imposed by Coakley when she recommended approval of its bid to buy the Caritas hospitals, but it also noted the system was highly leveraged. It piled up a total deficit of $56.9 million that included one-time accounting charges related to the costs of acquiring and renovating its hospitals. It is forcing every other player in the medical business to reassess its own strategy.Ī report released by state Attorney General Martha Coakley’s office Wednesday said Steward posted a $14.6 million operating loss for its 2011 fiscal year. Steward says it is forging a lower-cost “community care” model, drawing patients from expensive Boston teaching hospitals. But it has also assembled a formidable network of 11 hospitals with nearly 2,100 beds, second only to the giant Partners HealthCare System. Elizabeth’s Medical Center and Carney Hospital - the new system has lost tens of millions of dollars. Steward Health Care may also be known as or be related to Steward Health Care, Steward Health Care System and Steward Health Care System LLC.Just more than two years after state officials gave Steward control of the six Caritas hospitals - including Boston’s St. The data presented on this page does not represent the view of Steward Health Care and its employees or that of Zippia. None of the information on this page has been provided or approved by Steward Health Care. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The employee data is based on information from people who have self-reported their past or current employments at Steward Health Care. Zippia gives an in-depth look into the details of Steward Health Care, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Steward Health Care.
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