In January, the Massachusetts attorney general’s office released figures on Steward’s operations, showing that Steward had a net loss of $49.8 million in 2011, and coupled with other “extraordinary expenses,” its loss was about $57 million. In 2010, the for-profit Steward — which is backed by private equity firm Cerberus Capital Management — acquired the struggling Caritas Christi Health System and other community hospitals in Massachusetts.
The red ink from 2012 was mostly due again to acquisition-related costs. Steward also spent $9.8 million last year on advertising, which included several TV spots during the summer Olympics.
Despite the eight-figure loss, Steward spokesman Chris Murphy told CommonWealth, “We are exactly where we expected to be in terms of quality, sustainability and financial performance.”
More Articles on Steward Health Care:
Steward Sues BCBS of Rhode Island for Allegedly Blocking Hospital Acquisition
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Steward Health Care’s Physician Network Grew 14% in FY 2011
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