What other institutions with these attributes come to mind? Hummm!
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Posted on 05/07/2024 5:29:16 AM PDT by Red Badger
Gov. Healey emphasizes that hospitals remain open during process
BROOKLINE, Mass. — Steward Health Care, the troubled operator of eight hospitals in Massachusetts, filed for Chapter 11 bankruptcy protection early Monday.
In a statement, the company said it was seeking the process voluntarily to facilitate a restructuring process.
The for-profit, private equity-backed hospital group's troubles exploded into view this year with the revelation that it owed about $50 million in unpaid rent. Steward officials subsequently closed one facility and have expressed interest in selling their other holdings.
"I don't want to lose sight of the fact that this situation stems from and is rooted in greed, mismanagement and lack of transparency on the part of steward leadership in Dallas, Texas," Gov. Maura Healey said on Monday.
State officials also launched a website to distribute information about the situation.
The Dallas-based company said it is finalizing the terms of debtor-in-possession financing with its landlord, Medical Properties Trust, for $75 million and up to an additional $225 million upon the satisfaction of certain conditions.
"Ultimately, this is a step toward our goal of getting Steward out of Massachusetts," Healey also said.
"I hope that the state does what it needs to do to keep our hospitals open. People will die. We cover eight towns in our hospital system, and one of the busiest ERs around, so it would be detrimental," said Mara Daley, a respiratory therapist at Morton Hospital.
Steward's eight hospitals in Massachusetts are: St. Elizabeth's in Brighton, Carney Hospital in Dorchester, Good Samaritan Medical Center in Brockton, Holy Family Hospital in Methuen and Haverhill Hospital in Haverhill, Morton Hospital in Taunton, Nashoba Valley Medical Center in Ayer, Norwood Hospital, and St. Anne's in Fall River.
“Steward Health Care has done everything in its power to operate successfully in a highly challenging health care environment. Filing for Chapter 11 restructuring is in the best interests of our patients, physicians, employees, and communities at this time,” Dr. Ralph de la Torre, Chief Executive Officer of Steward, said in a statement.
"The potential loss of any of these facilities will have devastating consequences for hundreds of thousands of residents from the South Shore to southern New Hampshire," warned the Massachusetts Nurses Association. "However, Steward going through the process of reorganization provides an opportunity for other stakeholders to take long-awaited action and center the voices of caregivers and patients."
Healey and Massachusetts Health and Human Services Secretary Kate Walsh said the state had been preparing for the bankruptcy.
"I want to be clear: Steward hospitals remain open," Healey said. "Patients should keep your appointments. Continue to seek care when you need it at these facilities. I want to repeat: Hospitals are operating as usual and the Department of Public Health remains on site at these facilities to ensure that they are providing the highest standard of care."
The company's announcement emphasized that hospitals, medical centers and physician's offices will remain open during the bankruptcy process.
"The other primary factor driving this voluntary Chapter 11 case is, in large part, due to Steward continuing to face challenges created by insufficient reimbursement by government payors as a result of decreasing reimbursement rates while at the same time facing skyrocketing labor costs, increased material and operational costs due to inflation, and the continued impacts of the COVID-19 pandemic," de la Torre's statement also said. "It is Steward’s goal to resolve the Chapter 11 process as quickly as possible, with the help of the court, with a view to the long-term and sustainable financial health of the system."
Last week, Massachusetts officials announced the activation of an "Emergency Operations Plan" in response to the crisis.
According to State House News Service, officials last month began holding private meetings with local health care leaders to help navigate the uncertainty around the Steward crisis, a step that Health and Human Services Secretary Kate Walsh said should be "very reassuring" to those concerned about preparation for disruption.
During a recent Senate oversight hearing, Walsh said officials were preparing for Steward to potentially file for bankruptcy and acknowledged there had been some discussion surrounding receivership.
How much greed is involved in having to provide services to illegals, along with the usual non-payers?
Uh huh, no doubt illegal immigrants have caused this since they can’t pay for any medical services provided to them. This is all coming to a hospital near you.
O’ oh, ObamaCare is finally working as designed! Next step Cuban Style Government medical treatments!
I would have no investments in Massachusetts.
Or British................
What other institutions with these attributes come to mind? Hummm!
Deep State doesn’t like competition.
And if I had to choose between a for-profit hospital and a non, I’d choose the former.
If you go to any of the Emergency rooms they are filled with illegal aliens. Healey and the Demoncrats of Massholechusetts are killing the ever shrinking working class here. It’s a shame.
Same here in Florida.
They have learned the system.
They wait until approximately 11 pm at night then they flood the ER with their sick kids with coughing and runny noses.
Our local ER used to be quiet all night unless there was a car wreck or some bar fight with the local po-po.
Now, its chaos all night long.................
A gov’t takeover by any other name is still a gov’t takeover.
Illegal immigration??
it’s not as if the “healthcare industry” isn’t asking for it.
Let’s go Brandon!
They just need a few hundred thousand more Illegal Aliens to fix this problem...
Deliberately On our way to socialized health care
Most hospitals across the nation are financially collapsing, including hospital systems. The cost for everything has skyrocketed, and the reimbursement has gone down. Add this to a growing number of illegals, uninsured, and insurance contracts, and you’re going to see real problems.
It’s another Biden made disaster.
Cloward-Piven in real time....................
They have a half built hospital in my town..
I think it may have been taken over by the creditor.
“this situation stems from and is rooted in greed, mismanagement and lack of transparency on the part of steward leadership in Dallas, Texas,” Gov. Maura Healey said on Monday.”
Continue the flogging until morale improves.
;-)
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