Due to railway construction. This will last until May 10th. Doug. Okay, Brianna, thank you. We're following the news this morning. Steward Health Care has now filed for Chapter 11 bankruptcy. The system operates his eight hospitals in Massachusetts. In a press release distributed overnight, Steward said it was finalizing terms for $75 million in funding from the landlord. Steward does not anticipate any disruption to his daily operations. That is while they are going through bankruptcy court. The Massachusetts Nursing Association cites this declaration and argues that the government should be encouraged. Congress, the medical industry, and everyone who cares about the health of our communities should immediately take the necessary steps to ensure the preservation of these facilities. This follows comments from Massachusetts Health and Human Services Secretary Kate Walsh, who said the Healey-Driscoll Administration is working with Stewards and all potential partners to support the transfer of ownership orders that protect access. … apparently …
Steward Health Care's timeline leading up to bankruptcy
Updated: May 6, 2024 7:28 AM EDT
Steward Healthcare, a struggling Dallas-based company with eight hospitals in Massachusetts, filed for Chapter 11 bankruptcy protection early Monday. The hospital group's problems, which are for-profit and backed by private equity, came to the fore earlier this year when it was revealed that it was about $50 million in debt. Unpaid rent. Steward officials have since closed one facility and expressed interest in selling other holdings. The company's remaining hospitals, seven of which are operational, will remain open during the bankruptcy process, along with medical centers and clinics, hospital officials said. • Steward's problems have been developing for several years but did not come to light until recently.? The story involves catastrophic weather, legal disputes, business deals gone awry, and politics. Timeline: June 28, 2020: Norwood Hospital is closed after devastating flooding. June 22, 2021: Stewards announce plans to rebuild Norwood Hospital. June 28, 2022: Exterior demolition of Norwood Hospital begins. February 7, 2023: Signature Healthcare Brockton Hospital subroom fire leaves Steward's Good Samaritan Medical Center as the only hospital in operation in Brockton. June 1, 2023: Quincy-based Compass Medical closes its doors, months after the two companies were ordered to pay more than $16 million in damages after a partnership between the two companies soured. Stewards said no payment had been made. June 9, 2023: Worker seriously injured in his two-story fall at Norwood Hospital construction site. Dec. 5, 2023: Citing financial difficulties, Stewards announce plans to close New England Sinai Hospital in Stoughton. 18, 2023: Steward is sued by the federal government based on a whistleblower complaint for allegedly violating the law and submitting false claims to Medicare. January 19, 2024: Another hospital group expresses concerns about possible closures. January 26, 2024: Steward is reported to be looking to sell four hospitals. Lawmakers said officials were blindsided by the announcement. January 31, 2024: Mayor of Haverhill likens Steward's financial crisis to a “pyramid scheme”. 2, 2024: Steward announces a bridging loan agreement, which it says will give the company time to transfer ownership of one or more hospitals to another operator. February 14, 2024: Governor Maura Healey requests action plan and information from Stewards. February 20, 2024: Healy calls on Stewards to sell as soon as possible. February 21, 2024: Lawmakers and state officials tour Steward facilities. February 23, 2024: Steward Healthcare confirms interest in “orderly departure” from Massachusetts. March 26, 2024: Mr Healy says the financial records provided by Stewards fall short of what was requested and have not been audited. 8, 2024: South Coast Health expresses interest in acquiring St. Ann's Hospital. April 27, 2024: Steward reveals plans to sell its physician network to United Health Group. 1, 2024: New England Sinai Hospital officially closes. April 3, 2024: Steward CEO Ralph de la Torre absent from Senate hearing May 3, 2024: Massachusetts launches “emergency operations plan” for hospitals. May 6, 2024: Steward files for bankruptcy.
Steward Health Care, a struggling Dallas-based company with eight hospitals in Massachusetts, filed for Chapter 11 bankruptcy early Monday.
The private equity-backed for-profit hospital group's problems came to the fore this year when it was revealed that it was behind on about $50 million in unpaid rent. Steward officials have since expressed interest in closing one facility and selling other holdings.
The company's remaining hospitals, seven of which are still in operation, will remain open during the bankruptcy process, along with medical centers and clinics, hospital officials said.
how did we get here? Steward's problems have been developing for several years but did not come to light until recently. The story involves catastrophic weather, legal disputes, business deals gone awry, and politics.
Timeline:
- June 28, 2020: Norwood Hospital is closed after devastating flooding.
- June 22, 2021: Stewards announce plans to rebuild Norwood Hospital.
- June 28, 2022: Exterior demolition of Norwood Hospital begins.
- February 7, 2023: A transformer room fire at Signature Healthcare Brockton Hospital leaves Steward's Good Samaritan Medical Center as the only hospital in operation in Brockton.
- June 1, 2023: Quincy-based Compass Medical closes, months after the companies' partnership soured and Steward was ordered to pay more than $16 million in damages. Stewards said no payment had been made.
- June 9, 2023: A worker is seriously injured in a two-story fall at the Norwood Hospital construction site.
- Dec. 5, 2023: Citing financial difficulties, Stewards announce plans to close New England Sinai Hospital in Stoughton.
- December 18, 2023: Steward is indicted by the federal government, based on a whistleblower complaint, for allegedly violating the law and submitting false claims to Medicare.
- January 19, 2024: Another hospital group expresses concerns about possible closures.
- January 26, 2024: Steward reportedly seeks to sell four hospitals. Lawmakers said officials were blindsided by the announcement.
- January 31, 2024: Mayor of Haverhill likens Steward's financial crisis to a “pyramid scheme”.
- February 2, 2024: Steward announces a bridging loan agreement, which it says will give the company time to transfer ownership of one or more hospitals to another operator.
- February 14, 2024: Governor Maura Healey requests action plan and information from Stewards.
- February 20, 2024: Healy calls on Stewards to sell as soon as possible.
- February 21, 2024: Lawmakers and state officials tour Steward facilities.
- February 23, 2024: Steward Healthcare confirms interest in “orderly departure” from Massachusetts.
- February 26, 2024: Mr Healy says the financial records provided by Steward fall short of what was requested and have not been audited.
- March 8, 2024: Southcoast Health expresses interest in acquiring St. Anne's Hospital.
- March 27, 2024: Steward reveals plans to sell its physician network to United Health Group.
- April 1, 2024: New England Sinai Hospital officially closes.
- April 3, 2024: Steward CEO Ralph de la Torre is absent from a Senate hearing.
- May 3, 2024: Massachusetts launches “Emergency Operations Plan” for hospitals.
- May 6, 2024: Steward files for bankruptcy.
