The Massachusetts Senate has approved a bill aimed in part at addressing some of the issues raised after Steward Health Care said it plans to sell off all its hospitals after announcing in May that it filed for bankruptcy protection. Democratic Sen.
FILE - The sign for Norwood Hospital, a Steward Health Care hospital, is seen, June 29, 2020, in Norwood, Mass. The Massachusetts Senate approved a bill Thursday, July18, 2024, aimed in part at addressing some the issues raised by the announcement in May by Steward Health Care that it plans to sell off all its hospitals after announcing that it filed for bankruptcy protection.
Friedman said the bill significantly updates and strengthens the state’s tools to safeguard the health care system by focusing on the major players in the health care market — including providers, insurers, pharmaceutical manufacturers and for-profit investment firms — to ensure that patient needs come first.
The bill would also limit the amount of debt a provider or provider organization in which a private equity firm has a financial interest can take on; update programs aimed at constraining health care costs and improving care quality; and require that for-profit health care companies submit additional information on corporate structure, financials and portfolio companies to the state’s Health Policy Commission.
The House has already approved their version of the bill. Both chambers will now have to come up with a single compromise bill to send to Gov. Maura Healey.The Dallas-based company, which operates more than 30 hospitals nationwide, has said it plans to sell off all its hospitals after announcing in May that itSteward has eight hospitals in Massachusetts including St. Elizabeth’s Hospital and Carney Hospital, both in Boston.
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