Steward Health Care System information

Steward Health Care
Company type	Private
Industry	Healthcare
Predecessor	Caritas Christi Health Care
Founded	2010; 14 years ago in Boston, Massachusetts, US
Founder	Ralph de la Torre
Headquarters	Dallas, Texas, US
Number of locations	33 hospitals (2024)
Areas served	United States; Colombia; Saudi Arabia; United Arab Emirates;
Key people	Ralph de la Torre (CEO); Mark Rich (President);
Services	Healthcare; Health insurance;
Revenue	~$8 Billion
Owner	Steward physicians (90%); Medical Properties Trust (10%);
Number of employees	>30,000 (2023)
Website	www.steward.org
	Footnotes / references;

Steward Health Care is a large private for-profit health system headquartered in Dallas, Texas. It utilizes an integrated care model to deliver healthcare across its hospitals and primary care locations, as well as through its managed care and health insurance services. As of the start of 2024, Steward operated 33 hospitals and employed 33,000 people in the United States.^[5] Steward's international ventures include Steward Colombia, which operates 4 hospitals, and Steward Middle East, which operates in Saudi Arabia and the United Arab Emirates.^[6]

Steward began in 2010 in Massachusetts, when private equity firm Cerberus Capital Management acquired the failing non-profit Caritas Christi Health Care system. This move was led by Caritas CEO Ralph de la Torre, MD, a former cardiac surgeon who became founder and CEO of the new system, a position he still holds.^[7] Today, Steward mainly operates in the United States, with locations across the country. Since 2016, Steward has fueled its national expansion with debt-driven mergers and acquisitions, largely financed through sale-leaseback deals with its landlord, Medical Properties Trust (MPT), in which Steward would buy hospitals and immediately sell the real estate to MPT in order to recoup costs, pay investors, and fuel further expansion, in turn entering into lease agreements with MPT to be paid by the hospitals.^[8]

Cerberus, having made a profit of about $800 million over 10 years,^[9] made its exit in 2020 by giving its shares in Steward to a group of Steward physicians in exchange for a convertible bond worth $350 million.^[8] Today, Steward is owned by said physicians (90%) and MPT (10%).^[8] While Steward says that selling and leasing their hospital properties (a practice they call "asset light") allows them to prioritize patient care,^[10] experts have described it as a contributing factor to the system's later financial difficulties and concerns about patient safety.^[8]^[11]^[12]

^ "Ralph de la Torre M.D." Bloomberg L.P. February 21, 2019. Archived from the original on February 21, 2019.
^ Jessica Bartlett (August 28, 2018). "Steward Health Care officially moves HQ to Dallas". Boston Business Journal. Archived from the original on October 28, 2021.
^ Kacik, Alex (October 2, 2017). "Steward closes $2B acquisition of Iasis' 18 hospitals". Modern Healthcare. Archived from the original on October 4, 2023. Retrieved October 3, 2017.
^ Dayal McCluskey, Priyanka (February 23, 2018). "Steward Health Care to move top executives to Dallas". The Boston Globe. Archived from the original on June 15, 2018. Retrieved February 24, 2018.
^ Cass, Andrew (January 26, 2024). "10 things to know about Steward Health Care". Archived from the original on February 28, 2024. Retrieved March 21, 2024.
^ "Steward Health Care International". Steward Health Care. Archived from the original on February 3, 2024. Retrieved February 7, 2024.
^ McGrory, Brian (February 2, 2024). "As Steward hospitals teeter, CEO's $40 million yacht is docked in the Galapagos Islands". The Boston Globe. Archived from the original on February 6, 2024. Retrieved February 6, 2024.
^ ^a ^b ^c ^d Hospital Ownership and Financial Stability: A Matched Case Comparison of a Non-Profit and Private Equity Owned Health System. Center for Economic and Policy Research (Report). Emerald Publishing. 2021. Archived from the original on February 14, 2024. Retrieved March 21, 2024.
^ Weisman, Robert (April 2, 2024). "Cerberus says its investment in Steward hospitals yielded an $800 million profit". The Boston Globe. Archived from the original on April 3, 2024. Retrieved April 9, 2024.
^ Steward Health Care. "Business Model: Steward Corporate". Archived from the original on January 31, 2024. Retrieved March 21, 2024.
^ Appelbaum, Eileen; Batt, Rosemary (March 15, 2020). Private Equity Buyouts in Healthcare: Who Wins, Who Loses? (PDF). Center for Economic and Policy Research (Report). Archived from the original (PDF) on January 20, 2024. Retrieved March 21, 2024.
^ Batt, Rosemary; Appelbaum, Eileen; Katz, Tamar (July 9, 2022). The Role of Public REITs in Financialization and Industry Restructuring (PDF). Center for Economic and Policy Research (Report). Archived from the original (PDF) on February 28, 2024. Retrieved March 21, 2024.

[1] "Ralph de la Torre M.D." Bloomberg L.P. February 21, 2019. Archived from the original on February 21, 2019.

[dallas-2] Jessica Bartlett (August 28, 2018). "Steward Health Care officially moves HQ to Dallas". Boston Business Journal. Archived from the original on October 28, 2021.

[kacik-3] Kacik, Alex (October 2, 2017). "Steward closes $2B acquisition of Iasis' 18 hospitals". Modern Healthcare. Archived from the original on October 4, 2023. Retrieved October 3, 2017.

[McCluskey-4] Dayal McCluskey, Priyanka (February 23, 2018). "Steward Health Care to move top executives to Dallas". The Boston Globe. Archived from the original on June 15, 2018. Retrieved February 24, 2018.

[Beckers_2024-5] Cass, Andrew (January 26, 2024). "10 things to know about Steward Health Care". Archived from the original on February 28, 2024. Retrieved March 21, 2024.

[6] "Steward Health Care International". Steward Health Care. Archived from the original on February 3, 2024. Retrieved February 7, 2024.

[McGrory240202-7] McGrory, Brian (February 2, 2024). "As Steward hospitals teeter, CEO's $40 million yacht is docked in the Galapagos Islands". The Boston Globe. Archived from the original on February 6, 2024. Retrieved February 6, 2024.

[La_France_2021-8] Hospital Ownership and Financial Stability: A Matched Case Comparison of a Non-Profit and Private Equity Owned Health System. Center for Economic and Policy Research (Report). Emerald Publishing. 2021. Archived from the original on February 14, 2024. Retrieved March 21, 2024.

[GLOBE_240402-9] Weisman, Robert (April 2, 2024). "Cerberus says its investment in Steward hospitals yielded an $800 million profit". The Boston Globe. Archived from the original on April 3, 2024. Retrieved April 9, 2024.

[Steward_Business_Model-10] Steward Health Care. "Business Model: Steward Corporate". Archived from the original on January 31, 2024. Retrieved March 21, 2024.

[Appelbaum_2020-11] Appelbaum, Eileen; Batt, Rosemary (March 15, 2020). Private Equity Buyouts in Healthcare: Who Wins, Who Loses? (PDF). Center for Economic and Policy Research (Report). Archived from the original (PDF) on January 20, 2024. Retrieved March 21, 2024.

[Batt_2022-12] Batt, Rosemary; Appelbaum, Eileen; Katz, Tamar (July 9, 2022). The Role of Public REITs in Financialization and Industry Restructuring (PDF). Center for Economic and Policy Research (Report). Archived from the original (PDF) on February 28, 2024. Retrieved March 21, 2024.

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