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Caritas Hospital Owner Steward States They Aim to Go National Under Management from Private Equity Firm Cerberus Capital

Posted Jan 18 2011 2:44am

As you may have read here, this is a hospital chain in Boston, Caritas Christi that was purchased by an investment firm and basically is becoming the first “for profit” group of hospitals in the Boston area.  Last week at the JP Morgan Healthcare convention they made the announcement that this was their goal.  Caritas Christi filed bankruptcy and in 2009 sold their lab business to Quest Diagnostics.

Also mentioned that is that their idea of a lower cost high volume patient care center is much different that Mayo and Cleveland Clinic. 

Caritas Christi Health Care Sold to Private Equity Firm Cerberus For $830M – Massachusetts

The ink was barely dry when in August of 2010, the Rhode Island hospital was added. Essent Healthcare of Nashville is the owner of the 2 new hospitals to be purchased, Nashoba Valley and Merrimack Valley hospitals.  The article in the Globe also states this leaves only 2 more hospitals that are not non profits in the area.  BD

Caritas Christi Health Care Reaches Agreement to Acquire Landmark Medical Hospital in Rhode Island–Private Equity Firm Cerberus Purchased Caritas in March Pending Final Approval

They are already tracking numbers of accidents at hospitals and the CDO of Steward said they publicly humiliate and chastise them for this in jest and he feels that will work.  They are also putting a lot of money into Health IT.  When coming out of the bankruptcy, Caritas contracted with Microsoft to use Amalga to aggregate and set up the hospitals to communicate and share patient records.  BD 

SAN FRANCISCO -- Steward Health Care System chief executive Ralph de la Torre, making his debut at the annual J.P. Morgan Healthcare Conference, told investors this morning that he plans to take his company's Massachusetts cluster of community hospitals national.

"Our national model is really about replicating our regional model and keeping a very small centralized structure," he said.

De la Torre said Steward is building a model of lower-cost, high-volume patient care that is much different from larger hospital organizations such as Massachusetts General Hospital, Cleveland Clinic, and Mayo Clinic.

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