Current:Home > reviewsSteward Health Care strikes deal to sell its nationwide physician network to Optum -AdvancementTrade
Steward Health Care strikes deal to sell its nationwide physician network to Optum
View
Date:2025-04-13 22:43:56
BOSTON (AP) — Financially embattled hospital operator Steward Health Care has struck a deal to sell its nationwide physician network to Optum, a subsidiary of UnitedHealth Group, as it works to stabilize its finances.
The move comes as Gov. Maura Healey has said state monitors are keeping eye on the nine health care facilities operated by Steward Health Care in Massachusetts, including hospitals in some of the state’s poorer communities.
The Dallas-based company operates more than 30 hospitals nationwide.
Before the sale can be completed, the Massachusetts Health Policy Commission must review the proposal.
The commission doesn’t have the authority to block a transaction but can refer findings to the state Attorney General’s office, the Department of Public Health, or other Massachusetts agencies for possible further action.
The documents filed with the state did not include a cost for the transaction. Under the deal, Optum would aquire a Steward affiliate that includes the company’s primary care doctors and other clinicians in nine states.
Health Policy Commission Executive Director David Seltz said the panel is committed to a “rigorous, data-driven oversight of health care market changes to bring important information to the public.”
He said details of the proposal will be studied to examine potential effects on health care costs, quality, access and equity. The sale can’t be completed until after the commission’s review and any additional reviews by state or federal antitrust authorities.
“This is a significant proposed change involving two large medical providers, both in Massachusetts and nationally, with important implications for the delivery and cost of health care across Massachusetts,” Seltz said in a statement.
Emails to Steward Health Care and Optum seeking comment were not immediately returned.
The commission’s review of the transaction shouldn’t delay state and federal antitrust authorities from doing their own review to protect patient access and affordability, Democratic Massachusetts House Speaker Ronald Mariano said.
Once all required information has been provided about the sale, the commission will have 30 days to assess any potential impacts of the transaction.
If the sale is anticipated to have a significant impact on health care costs and market functioning, the commission can begin a fuller cost and market impact review.
Democratic U.S. Sen. Edward Markey said for-profit companies that participate in the health care system must understand that their decisions have direct impacts on patients and communities.
“With this announcement, Optum must demonstrate that it can meet the even greater responsibility to preserve and protect health care access,” Markey said at a Wednesday press conference in Boston. “I hope they will live up to that responsibility by controlling costs and putting patients and providers first.”
Markey, chair of the senate’s Health, Education, Labor, and Pensions (HELP) Subcommittee on Primary Health and Retirement Security, said he plans to hold a congressional hearing in Boston next week on the impact of for-profit companies on health care access.
U.S. Sen. Elizabeth Warren, a fellow Massachusetts Democrat, said her top priority is making sure Steward’s hospitals in Massachusetts stay open.
“After years of gross profiteering and mismanagement, Steward’s latest plan raises more serious questions about the future of the Massachusetts health care system,” Warren said in a written statement.
“Steward executives have no credibility,” she added. “It would be a terrible mistake for Steward to be allowed to walk away while looting Massachusetts one more time.”
veryGood! (18)
Related
- Senate begins final push to expand Social Security benefits for millions of people
- Interpol and FBI break up a cyber scheme in Moldova to get asylum for wanted criminals
- Ohio and Pennsylvania Residents Affected by the East Palestine Train Derailment Say Their ‘Basic Needs’ Are Still Not Being Met
- How do I break into finance and stay competitive? Ask HR
- Romantasy reigns on spicy BookTok: Recommendations from the internet’s favorite genre
- Man's body with barbell attached to leg found in waters off popular Greek beach
- Halsey Lucky to Be Alive Amid Health Battle
- Maryland agencies must submit a plan to help fight climate change, governor says
- Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor
- Gold and gunfire: Italian artist Cattelan’s latest satirical work is a bullet-riddled golden wall
Ranking
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- West Virginia newspaper, the Moundsville Daily Echo, halts operations after 133 years
- Interpol and FBI break up a cyber scheme in Moldova to get asylum for wanted criminals
- Will Biden’s new border measures be enough to change voters’ minds?
- Warm inflation data keep S&P 500, Dow, Nasdaq under wraps before Fed meeting next week
- Best Sunscreens for Brown Skin That Won’t Leave a White Cast: Coola, Goop, Elta MD & More
- Ms. Rachel addresses backlash after wishing fans a 'Happy Pride'
- Ohio’s attorney general seeks to block seminary college from selling its rare books
Recommendation
Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
Women’s College World Series final: What to know, how to watch Oklahoma vs. Texas
Former protege sues The-Dream, accusing the hitmaking music producer of sexual assault
The Daily Money: Is your Ticketmaster data on the dark web?
Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
Man who escaped Oregon hospital while shackled and had to be rescued from muddy pond sentenced
Why did Nelson Mandela's ANC lose its majority in South Africa's elections, and what comes next?
Student pilot attempted solo cross-country flight before crashing into a Connecticut campground