Steward physician group sold to PE-backed company for $245M

Becker's Healthcare August 14, 2024
Patsy Newitt

Nashville, Tenn.-based Rural Healthcare Group, part of private equity firm Kinderhook Industries, agreed to acquire financially troubled Steward Health Care’s 175-physician group for $245 million in cash.

The sale is a part of the hospital system’s plan to mitigate financial distress — Steward sought Chapter 11 protection May 6 and is required to sell its assets through auctions.

Here are seven things to know:

1. In June, Optum, parent company of ASC chain SCA Health, backed out of plans to acquire the 175-physician Stewardship Health.

2. Pending approval, Rural Healthcare Group would take on Stewardship’s system — an integration of Steward Health Care Network and the Steward Medical Group, a primary-care network of around 5,000 employed and affiliated...

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