With its impressive track-record, Steward is the ideal partner to realise such a critical infrastructural upgrade of our hospitals while offering the best medical services to patients." "Our resolve to upgrade Malta and Gozo's healthcare services to world-class levels has been given a further boost through this partnership. "Steward Health Care shares our same vision for the future of healthcare in Malta," said Prime Minister Dr. Steward hospitals regularly receive top awards for quality and safety, including the "Gold Ribbon Seal in Healthcare" from the Joint Commission on Accreditation and an "A" rating for Hospital Safety from the Leapfrog Group. The company employs approximately 40,000 health care professionals. Today, Steward is the largest private hospital operator in the United States with 36 community hospitals across ten states. Steward has transformed health care in America by turning around struggling hospitals and embedding them in a new, comprehensive delivery model that is designed to support local communities and produce better health outcomes for patients. We will invest in the medical facilities entrusted to us, upgrading them into state-of the-art hospitals, and will help ensure that the Maltese people live healthy, active lives." Ralph de la Torre, Chairman and CEO of Steward Health Care. "We look forward to implementing this new model of exceptional care in Malta. "Steward's innovative care model has successfully helped patients across the United States receive high-quality care while reducing medical expenses," said Dr. Steward, which is physician-led and the largest private hospital operator in the United States, is now the government of Malta's health care partner and will run a number of public medical facilities in the country. 20, 2018 /PRNewswire/ - Steward Health Care System LLC ( ) today finalized a public-private partnership to deliver exceptional health care to the people of Malta. Today, due to its expansion efforts in 20, the system operates 38 community hospitals and employs more than 40,000 healthcare professionals in the U.S. ![]() The deal made it the largest private, for-profit operator in the U.S. Part of its plan was expanding operations outside its Massachusetts hub, including its 2017 deal to buy IASIS Healthcare for $1.9 billion. Steward used this money to finance a national expansion, pay off debt and pay back Cerberus Capital. In 2016, Steward lined up a deal to sell its buildings to Medical Properties Trust, a real estate firm that now owns a 10 percent stake in the company, for $1.2 billion. ![]() The system was converted into a private, for-profit company and renamed Steward. Steward Health Care was founded in 2010 when the struggling Boston-based Caritas Christi Health Care system was sold to the private equity firm Cerberus Capital Management. "They're in a really bad place financially." "They have more debt than assets," she said after reviewing the company’s financial reports. He said that the operating losses reflect acquisition costs and said that some of the hospitals it bought needed major investments.īut Kristina Minnick, a finance professor from Waltham, Mass.-based Bentley University, told The Globe that the company's financial statements are concerning. Steward spokesperson Darren Grubb told The Globe that the company is financially strong, pointing to the steep revenue jump. The privately held health system posted an operating loss of about $270 million in 2018 and $322 million in 2017.Īt the same time, the company's revenue jumped to $6.6 billion in 2018, up from $3.7 billion one year prior due to its acquisition of IASIS Healthcare, an 18-hospital system based in Franklin, Tenn.
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