Bankrupt Steward Health to close two Massachusetts hospitals

[Eugene]

Source: Reuters

Bankrupt Steward Health to close two Massachusetts hospitals

Dietrich Knauth
Fri, Jul 26, 2024, 3:14 PM EDT 2 min read

NEW YORK (Reuters) - Bankrupt hospital owner Steward Health Care will close two locations in Massachusetts after failing to find a buyer for them, the company said Friday.

Steward filed for bankruptcy in May, putting all of its 31 hospitals up for sale in an effort to address its $9 billion debt.

Steward has lined up buyers for some of its properties, but it received no bids for Carney Hospital in Boston or Nashoba Valley Medical Center in Ayer, Massachusetts. Both hospitals are expected to close by the end of August, Steward said.

"This is a challenging and unfortunate situation, and the effect it will have on our patients, our employees, and the communities we serve is regrettable," Steward said Friday.

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Read more: https://finance.yahoo.com/news/bankrupt-steward-health-close-two-191452875.html

[Lonestarblue]

1. Steward Healthcare is a private equity firm that spent money on corporate jets instead of needed equipment.

After a pregnant woman died because the equipment needed to save her had been repossessed for nonpayment, the state got involved and is forcing this sale. The CEO had purchased two jets for luxury trips to Europe and other parts of the world but thought it unnecessary to have life-saving equipment in hospitals. Total scum.

[King_Klonopin]

2. I used to work at one of their hospitals in Methuen, MA

Got out just in time, before the hammer fell. We all saw the writing on the wall.

Calling Steward scum is a compliment.

They buy out hospitals throughout the country, sell the property to outside entities (i.e. shell companies) and pay them rent, stop paying vendors and services like ambulance companies, eventually squeeze every penny of value out of the hospital, abandon the hospital when it goes bankrupt, and leave local communities and state taxpayers holding the bag. They are the perfect example of a predator and a parasite. Jets and yachts are just the icing on the turd cake. They have been doing this for years. I think other health care corporations are guilty of the same thing (rhymes with senate). Of course, big banks and investment firms were the originators of this type of scheme when Hank Paulson was their shill, before the financial crisis of 2008 which cost us $700 billion.

What did they have in common? They lobby for deregulation of their industry ... and they win, because government does not work for the average citizen. Most people have no idea how fucked up for-profit health care truly is.