Lawmakers looking at the growth of for-profit health care say they have questions about who profited from business deals involving Steward hospitals, and how the company became bogged down by financial difficulties that jeopardize operations in Massachusetts.
Steward Health Care's financial troubles will be the subject of a congressional field hearing in Boston Wednesday.
In a joint statement, U.S. Sens. Ed Markey and Elizabeth Warren said they want more information from the private equity firm Cerberus Capital Management, which bought the Massachusetts hospital system that"Cerberus looted Steward, failed to invest in Massachusetts facilities, and it appears that the company walked away with a profit of at least $800 million," the statement said.in Massachusetts to the real estate investment trust Medical Properties Trust for $1.25 billion.
"At the time that we sold our controlling interest in Steward in 2020 to Dr. de la Torre and his management team, Steward was a success story not just for our investors , but also for its stakeholders, including the numerous communities that it served," the statement to the senators said. “Cerberus’s answers still don’t provide a clear answer for how much Cerberus made off of the people of Massachusetts," the senators said.
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