Steward Health Care withholds financial information amid growth

Boston-based Steward Health Care System is delinquent in reporting its financials to two state agencies, according to a report from The Boston Globe.

The private health system filed heavily redacted annual financial reports for 2014 and 2015 with the state's Center for Health Information and Analysis and reported no information for 2016. It also stopped reporting hospital-specific financial data to CHIA three quarters ago, according to the report.

CHIA has imposed $246,000 in fines on Steward for not reporting, which have not been paid. The agency is working with Massachusetts Attorney General Maura Healey in attempt to obtain information from the health system, according to the report.

Steward has also not reported financial and merger information required by state law to the Massachusetts Health Policy Commission regarding two recent deals: the completed acquisition of eight hospitals from Franklin, Tenn.-based Community Health Systems and the pending acquisition of 18 hospitals from Iasis Healthcare, also based in Franklin. Steward expected the Iasis deal to close within the next 30 days, but state law requires notification to the MHPC at least 60 days before closing the transaction, according to the report.

Read the full story here.


More articles on finance:

5 pieces of RCM advice for practices
11 latest hospital credit downgrades
10 hospitals seeking RCM talent

Copyright © 2023 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars