Largest physician-owned for-profit hospital network in the United States.
Acquired by Cerberus Capital Management2010-11-01
Community hospitals providing essential healthcare services to local populations.
Staffing cuts leading to longer wait times, fewer nurses per patient, and increased patient loads
Closure of unprofitable but essential services like rural clinics, maternity wards, and psychiatric care
Aggressive billing practices resulting in higher out-of-pocket costs for patients
Sale-leaseback of hospital real estate, leading to potential rent increases that get passed on to patients
Announcement of 'efficiency' programs, leadership changes, and vague promises of 'optimization'
Staffing cuts begin, with RNs replaced by LPNs and aides to reduce labor costs
Noticeable decline in service quality, with longer wait times, shorter appointments, and reduced access to specialized care
Closure of unprofitable service lines, potential quality scandals, and financial strain leading to bankruptcy risk
Potential bankruptcy, hospital closures, or fire sale to another operator, leaving communities without access to essential healthcare services
Other companies that followed a similar path after PE acquisition
Monitor for any changes in staffing levels, service offerings, and out-of-pocket costs at your local Steward Health Care facilities
Advocate for your local representatives to closely monitor the impact of the PE acquisition on your community's access to essential healthcare services
Consider seeking care at other healthcare providers if the quality of service at Steward Health Care facilities significantly declines
Community-focused healthcare
Integrated managed care consortium