Steward aims to offload 4 hospitals

Dallas-based Steward Health Care is looking to sell four of its 9 Massachusetts hospitals amid continued financial difficulties, WCVB reported Jan. 26.

The hospitals are Ayer, Mass.-based Nashoba Valley Medical Center; Boston-based St. Elizabeth's Medical Center; Holy Family Hospital, which has two locations in Haverhill and Methuen, Mass.; and Norwood (Mass.) Hospital, which had plans to rebuild after closing in 2020 due to flood damage, Massachusetts Rep. Stephen Lynch told WCVB.

News of the potential closures comes as Steward is reportedly working with law firm Weil Gotshal & Manges and AlixPartners, a turnaround consulting firm, to explore options for restructuring due to its financial problems, The Wall Street Journal reported Jan. 25. 

Steward was around $50 million behind on rent at year-end to Medical Properties Trust, the largest hospital landlord in the U.S.

Mr. Lynch said a letter from the Massachusetts congressional delegation was shared with Steward's CEO Ralph de la Torre, MD, highlighting the patient impact these closures could cause.

"This is happening at a time of a surge of cases now because of COVID, so we're seeing increased demand. Very much caught off guard, and I think I speak for the whole congressional delegation in that respect," Mr. Lynch told WCVB.

A spokesperson for Steward told Becker's that they do not have a statement regarding the potential sale of the four hospitals or the restructuring agencies at this time. 

A spokesperson from Mr. Lynch's office confirmed the WCVB report to Becker's. This story will be updated if more information becomes available. 

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