In a significant turn of events for Massachusetts healthcare, non-profit Southcoast Health has publicly expressed interest in purchasing St. Anne's Hospital from the troubled for-profit hospital operator, Steward Health Care. According to reports from Boston 25 News, the move could potentially to save the Fall River hospital from closure amidst Steward's ongoing financial distress.
Southcoast Health’s CEO David McCready emphasized his company's ties to the community, stating, "St. Anne’s patients and employees are part of our community; they are our family members, friends and neighbors." He further insists that joining Southcoast Health is "The best option for St. Anne’s Hospital, its patients, its employees, and our community," as obtained by Boston 25 News. Southcoast, already operating three hospitals in the region, will proceed with "thorough due diligence" to explore the viability of the acquisition.
Steward Health Care has faced intense scrutiny from officials including U.S. Senators Elizabeth Warren and Ed Markey, who have demanded CEO Ralph de la Torre to account for "years of mismanagement, private equity schemes, and executive profiteering," as reported by Boston 25 News. This public inquest highlights mounting concerns over Steward's capacity to maintain patient care standards and effectively manage its nine Massachusetts hospitals.
Meanwhile, the Boston Globe reports that the acquisition could provide a sigh of relief for a healthcare system under duress, with Governor Maura Healey having previously urged Steward to expedite "a safe, orderly transition" of its facilities. With St. Anne's profitability reported by the state's Center for Health Information and Analysis, the challenge remains in finding buyers for Steward's less financially sound hospitals.
Notably, Fall River Mayor Paul Coogan has raised taxation concerns, considering Steward's for-profit status entails tax contributions exceeding $1 million annually for St. Anne’s. He remarked, "We have a great partnership with Southcoast," stressing the need to "hold the city harmless in any deal," Coogan told the Boston Globe. The unfolding events signal a possible reshaping of the healthcare landscape in Massachusetts, with the course of Steward Health's and potentially its other hospitals' fate yet uncertain.
