Steward Health Care
IndustryHealthcare
PredecessorSteward Health Care System
Founded2010
FounderRalph de la Torre[1]
Headquarters,
US
Area served
Massachusetts, Arizona, Arkansas, Florida, Louisiana, Ohio, Pennsylvania, and Texas.
Key people
Ralph de la Torre, CEO/President/Founder
Revenue~$8 Billion
Number of employees
>40,000
Websitewww.steward.org
Footnotes / references
[3][4]

Steward Health Care is the largest physician-owned private for-profit health care network in the United States and attends to 2.2 million people during more than twelve million physician and hospital visits annually.[3][5] Headquartered in Dallas, Steward's integrated health care model employs 40,000 people at thirty-three hospitals and hundreds of urgent care, skilled nursing, and primary and specialty care medical practice locations across eight states.[6] Steward Health Care is led by CEO Ralph de la Torre, a Cuban-American physician, engineer and cardiac surgeon.[7]

History

Steward Health Care was started by Ralph de la Torre, when Caritas Christi Health Care system was sold to the private equity firm Cerberus Capital Management in 2010; after the transaction, Caritas was converted to a for-profit company and renamed Steward Health Care.[8]

In June 2020, Steward became the nation's largest physician-owned health care system, after Steward physicians acquired a 90 percent controlling interest in the company.[5]

The company covers approximately three million full-risk patients through its integrated care network, hospitals, managed care and health insurance services in Arizona, Arkansas, Florida, Louisiana, Massachusetts, New Hampshire, New Jersey, Ohio, Pennsylvania, and Texas.

In September 2016, The Boston Globe reported Steward Health Care System had made a deal to expand its operations. Steward lined up $1.25 billion from a real estate investment firm that will help the Boston-based company finance a national expansion, pay off debt, and return money to the private equity firm that bought it in 2010. Steward said Medical Properties Trust would buy all of its hospital properties for $1.2 billion, lease the properties back to Steward, and pay $50 million for a five percent equity stake in the company. The deal became final in September, 2017.[9]

In February 2017, Steward Health Care acquired eight hospitals from Community Health Systems, including three hospitals in Ohio, two in Pennsylvania and three in Florida.[10]

In May 2017, Steward announced a proposed merger with Iasis Healthcare, headquartered in Franklin, Tennessee, making Steward the largest private for-profit hospital operator in the United States. The merger made Steward the parent organization to thirty six hospitals across ten states, with revenues of nearly $8 billion.[11]

In October 2017, Steward completed its acquisition of eighteen Iasis Healthcare hospitals in a deal that was reportedly for $2 billion.[3]

In February 2018, Steward announced that its top management will move to Dallas, Texas from Boston.[4]

In August 2021, Steward closed a $1.1 billion deal to acquire five South Florida hospitals from Dallas-based Tenet Healthcare.[12]

In April 2022, Steward acquired the former Miami Medical Center property from Nicklaus Children’s Health System.

In May 2023, Steward completed the sale of its five Utah hospitals to CommonSpririt Health. [13]

Business model

Steward intended to become a low-price leader in the provision of high quality care.[7] Consistent with this model, the System had taken steps to reduce the direction of surgical patients toward teaching hospitals in the Boston area.[7] The System has also worked with payers to negotiate patient group-oriented budget pricing.

Steward comprises Steward Medical Group and Steward Health Care Network, its network of primary care and specialty providers.[14]

Additional Steward services include Steward Health Choice, a managed risk platform which covers lives in Arizona and Massachusetts.[15]

Hospitals

HospitalLocationBed countEmergency DepartmentFoundedNotes
St. Elizabeth's Medical CenterBrighton, MA252Yes1868Founded by Third Order of St. Francis. Steward's tertiary care center.
Carney HospitalDorchester, MA150Yes1863Founded by Daughters of Charity of Saint Vincent de Paul and Andrew Carney.
First Catholic hospital in New England.
Good Samaritan Medical CenterBrockton, MA267Yes1993Merger of Cardinal Cushing General Hospital and Goddard Memorial Hospital
Holy Family HospitalMethuen, MA261Yes1950Formerly Bon Secours Hospital, founded by Sisters of Bon Secours.
Norwood HospitalNorwood, MA264Yes1902Formerly Willett Cottage Hospital
Saint Anne's HospitalFall River, MA160Yes1906Founded by Dominican Sisters of the Presentation
Holy Family Hospital at HaverhillHaverhill, MA122Yes1887Formerly Merrimack Valley Hospital and Hale Hospital
Nashoba Valley Medical CenterAyer, MA57Yes1964Formerly Beth Israel Deaconess-Nashoba
Morton Hospital and Medical CenterTaunton, MA152Yes1888Formerly Morton Hospital & Medical Center
New England Sinai HospitalStoughton, MA212NoNESH is a long-term post-acute rehab hospital.
St. Luke's Behavioral Health Center Phoenix, AZ 124 No
Tempe St. Luke's Hospital Tempe, AZ 87 Yes Operates as a campus of St. Luke's Medical Center
Odessa Regional Medical Center Odessa, TX 225 Yes 1975
St. Joseph Medical Center Houston, TX 790 Yes 1887
The Medical Center of Southeast Texas Port Arthur, TX 199 Yes
The Medical Center of Southeast Texas—Victory Campus Beaumont, TX 17 Yes 2005
Wadley Regional Medical Center Texarkana, TX 370 Yes 1900
Glenwood Regional Medical Center West Monroe, LA 278 Yes 1962
Wadley Regional Medical Center at Hope Hope, AR 79 Yes
Sharon Regional Medical Center Sharon, PA 220[16] Yes
Melbourne Regional Medical Center Melbourne, FL 119[17] Yes 2002
Rockledge Regional Medical Center Rockledge, FL 298[18] Yes 1941
Sebastian River Medical Center Sebastian, FL 150[19] Yes 1974[20]
Florida Medical Center Fort Lauderdale, FL 459 Yes
North Shore Medical Center Miami, FL 357 Yes
Palmetto General Hospital Hialeah, FL 360 Yes
Hialeah Hospital Hialeah, FL 378 Yes
Coral Gables Coral Gables, FL 245 Yes
Trumbull Regional Medical Center Warren, OH 346[21] Yes
Hillside Rehabilitation Hospital Warren, OH 69[22] No


References

  1. "Ralph de la Torre M.D." Bloomberg L.P. February 21, 2019.
  2. Jessica Bartlett (August 28, 2018). "Steward Health Care officially moves HQ to Dallas". Boston Business Journal.
  3. 1 2 3 Kacik, Alex (2017-10-02). "Steward closes $2B acquisition of Iasis' 18 hospitals". Modern Healthcare. Retrieved 2017-10-03.
  4. 1 2 Dayal McCluskey, Priyanka (2018-02-23). "Steward Health Care to move top executives to Dallas". The Boston Globe. Retrieved 2018-02-24.
  5. 1 2 "Physicians acquire Steward Health Care from private equity firm". Modern Healthcare. June 2, 2020.
  6. "Steward Health Care". Steward Health Care. Retrieved September 25, 2012.
  7. 1 2 3 Liz Kowalczyk (September 17, 2012), "Steward hires away top surgeon from Mass. General", The Boston Globe, Business section, bostonglobe.com, retrieved September 25, 2012
  8. Dayal McCluskey, Priyanka (September 26, 2016). "Steward gets $1.25b to fund expansion, repay Cerberus". The Boston Globe.
  9. Jessica Bartlett (September 29, 2017). "Steward closes deal to acquire 18 hospitals in six states". Boston Business Journal.
  10. Melanie Evans (September 29, 2017). "Community Health Sells Eight Hospitals to Steward Health Care". The Wall Street Journal.
  11. Dayal McCluskey, Priyanka (2017-05-19). "Steward Health Care merges with Tenn. hospital system". The Boston Globe. Retrieved 2017-05-19.
  12. Tom Hudson (September 27, 2021). "A $1 Billion Deal Brings New Player To South Florida Hospital Market". NPR.
  13. "Steward Health Care Completes Sale of its Utah Health Care Sites to CommonSpirit Health". Business Wire. Retrieved 2023-05-26.
  14. Beth Jones Sanborn (December 11, 2018). "Steward Health Care Network workflow automation yields 161% increase in care coordination". Healthcare Finance.
  15. "Steward Health Completes Acquisition Of IASIS Healthcare". PR Newswire. September 29, 2017.
  16. "Learn About Sharon Regional Medical Center | Sharon PA". Sharon Regional Medical Center. Retrieved 5 September 2019.
  17. "Melbourne Regional Medical Center | A Steward Hospital | Melbourne FL". Melbourne Regional Medical Center. Retrieved 5 September 2019.
  18. "Rockledge Regional Medical Center | A Steward Hospital | Rockledge FL". Rockledge Regional Medical Center. Retrieved 5 September 2019.
  19. "Sebastian River Medical Center | A Steward Hospital | Sebastian FL". Sebastian River Medical Center. Retrieved 5 September 2019.
  20. "Learn About Sebastian River Medical Center | Sebastian FL". Sebastian River Medical Center. Retrieved 5 September 2019.
  21. "Learn About Trumbull Regional Medical Center | Warren OH". Trumbull Regional Medical Center. Retrieved 5 September 2019.
  22. "Learn About Hillside Rehabilitation Hospital | Warren OH". Hillside Rehabilitation Hospital. Retrieved 5 September 2019.
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