4sight Health September 29, 2022
David W. Johnson

Steward Health Care System has pioneered the creation of accountable care networks nationwide through private funding sources. Steward was the first for-profit healthcare system to use private equity funding (Cerberus) to rescue, reimagine and reinvent a nonprofit health system (Caritas Christi). Steward subsequently became the first health system to use REIT financing (Medical Properties Trust) to fund aggressive expansion of their operating model to new markets.

Caritas Christi was in dire straits at the time of the Steward’s $895 million acquisition in November 2010. The Pope reputedly had implored Ascension Health to acquire the beleaguered health system at no cost. Ascension refused as did all other potential nonprofit acquirers.

For these reasons, I find Steward to be a combination of...

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