Steward Health Care, once the largest private for-profit hospital system in America, declared bankruptcy due to a devastating financial structure involving high rent agreements with Medical Properties Trust. Over a decade, Steward closed numerous hospitals, mainly in underserved areas, significantly impacting public health. While the hospitals suffered, Steward's executives gained wealth amid corruption investigations. The situation raises concerns over private equity's role in prioritizing profit over community health, igniting criticism from lawmakers and advocates about the degradation of essential healthcare services.
Steward's demise stemmed from a disastrous decision to sell its hospitals to Medical Properties Trust and lease them back at exorbitant rates, burdening the system.
Critics argue that private equity firms like Cerberus treat hospitals merely as profit centers, leading to a severe degradation of healthcare services for communities.
Collection
[
|
...
]