Steward Health Care System has announced that it has signed an asset purchase agreement to acquire eight community hospitals affiliated with Community Health Systems (CHS). The transaction is expected to close in the second quarter of 2017, subject to customary regulatory approvals and closing conditions.
“We look forward to bringing our integrated care model to communities in Ohio, Pennsylvania, and Florida,” said Ralph de la Torre, managing director, chairman and chief executive officer of Steward Health Care.
Under its Accountable Care Organization (ACO) model, Steward has emphasized integrated care, proving its ability to keep patients healthier and reduce hospitalizations for acute care, which keeps overall costs down and improves outcomes. Founded in Q4 2010, Steward acquired several Massachusetts hospitals from the Caritas Christi Health System. Over the past seven years, Steward created a physician-led delivery system providing high-quality local health care to residents in Massachusetts communities. Steward accomplished this by investing more than $800 million in health care infrastructure, physicians, technology, and facilities all while raising quality standards for patients.
Steward Health Care is the largest fully integrated health care services organization and community hospital network in New England. Headquartered in Boston, Steward is one of the five largest employers in Massachusetts with more than 17,000 employees in more than 150 communities. Steward is comprised of Steward Medical Group, Steward Health Care Network, and Steward Hospital Group. Steward Medical Group provides approximately 1 million patient encounters per year at 152 sites and manages homecare and hospice with 300,000 and 35,000 encounters respectively. Steward Health Care Network, a fully integrated care management company, has 3,000 physicians, with approximately 4 million patient encounters per year and affiliates or joint ventures with approximately 30 urgent care centers. Steward’s Hospital Group includes Norwood Hospital, Saint Anne’s Hospital in Fall River, St. Elizabeth’s Medical Center in Brighton, Carney Hospital in Dorchester, Good Samaritan Medical Center in Brockton, Nashoba Valley Medical Center in Ayer, Holy Family Hospital in Haverhill and Methuen, Morton Hospital in Taunton, and New England Sinai Hospital in Stoughton.