Industry Healthcare Number of employees 17,000 Area served New England | Website www.steward.org Founded 2010 | |
Predecessor Steward Health Care System Founder Cerberus Capital Management Key people Ralph de la Torre,MD CEO/President Owner Cerberus Capital Management CEO Ralph de la Torre (1 May 2008–) Headquarters Boston, Massachusetts, United States Subsidiaries Quincy Medical Center Inc. Profiles | ||
Steward Health Care is the second largest healthcare system in New England. It was established when the Caritas Christi Health Care system was sold to the private equity firm Cerberus Capital Management in 2010; Cerberus converted Caritas to a for-profit company and renamed it Steward Health Care System. Steward Health Care has 17,000 employees, over 2,000 hospital beds across 11 hospitals, and serves more than 150 communities. Steward Health Care is led by CEO Ralph de la Torre, MD, and located in Boston. The System is still owned by Cerberus Capital Management.
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Business model
The System's business model is based on being a low-price leader in the provision of high quality care. Consistent with this model, the System has taken steps to reduce the direction of surgical patients toward teaching hospitals in the Boston area. The System has also worked with payers to negotiate patient group-oriented budget pricing.
Hospitals
As of 2012, the largest of the hospitals in the Steward system is St. Elizabeth's Medical Center in terms of total patient volume (several other hospitals have equal or greater inpatient bed capacity).
Other facilities
Non-acute Steward facilities which offer a variety of services include Steward Home Care and the Steward Medical Group.
Quincy Medical Center
After years of multimillion-dollar losses and a rapidly declining patient population, Quincy Medical Center closed in December 2014. In the wake of the hospital’s closure, Steward Health Care announced that it would transition its primary, specialty, and veterans care to a network of local facilities. The healthcare company also announced that it would continue to operate its emergency department at the Quincy Medical Center facility, and that it would provide substantial employee assistance, severance, and job-placement services to Quincy Medical Center staff.
Steward Health Care’s transition plan has received approval from the Massachusetts Department of Public Health and from the Massachusetts Attorney General.