Steward Health Care Announces Sale of Stewardship Health to Rural Healthcare Group
12 Agosto 2024 - 10:16PM
Business Wire
Sale of Primary Care Providers business will
result in strong patient outcomes and physician enablement
Steward Health Care (“Steward” or the “Company”), the country’s
largest physician-led, minority-owned, integrated health care
system, today announced that it has entered into a definitive
agreement to sell its Stewardship Health business to Rural
Healthcare Group, an affiliate of Kinderhook Industries, LLC. The
transaction, which is subject to customary closing conditions,
including Bankruptcy Court and regulatory approval, will result in
strong patient and physician outcomes. Stewardship Health will
continue to serve its loyal patient following in the Commonwealth
of Massachusetts under new ownership.
Stewardship is among the largest and best-performing value-based
care platforms in the country, combining Steward Health Care
Network and the primary care providers of Steward Medical Group,
with an integrated Primary Care employed and affiliate provider
network composed of ~5,000 employed and affiliated providers across
nine States. Stewardship offers value-based care across complex
Medicaid and Commercial populations, managing ~400,000 attributed
lives.
“As part of the ongoing Chapter 11 proceedings, following a
robust and active bidding process, Steward Health Care is pleased
to have reached an agreement with Rural Healthcare Group,” said
Mark Rich, President of Steward Health Care. “Kinderhook has over
20 years of experience investing in mid-sized health care
businesses that serve the nations’ most vulnerable populations.
Kinderhook’s investments are focused on protecting access to
high-quality healthcare in communities that are truly underserved.
Rural Healthcare Group is a well-respected group of healthcare
professionals that specifically focuses on underserved and
underinsured areas. We are confident that Stewardship Health will
continue its stellar treatment of the patient population as a
result of this transaction.”
The transaction is subject to Bankruptcy Court approval, and the
transaction will close pending completion of all closing
conditions, including regulatory approval.
Steward is represented by Weil, Gotshal & Manges LLP
(Restructuring Counsel), McDermott Will & Emery (Regulatory
Counsel), Leerink Partners LLC (Healthcare Investment Banker), and
AlixPartners, LLP (Financial Advisor).
Rural Healthcare Group is represented by Kirkland & Ellis
LLP (Legal Counsel), Bass, Berry & Sims PLC (Regulatory
Counsel) and Centerview Partners LLC (Investment Banker).
About Steward Health Care
Over a decade ago, Steward Health Care System emerged as a
different kind of health care company designed to usher in a new
era of wellness. One that provides our patients better, more
proactive care at a sustainable cost, our providers unrivaled
coordination of care, and our communities greater prosperity and
stability.
As the country’s largest physician-led, minority-owned,
integrated health care system, our doctors can be certain that we
share their interests and those of their patients. Together we are
on a mission to revolutionize the way health care is delivered -
creating healthier lives, thriving communities and a better
world.
Based in Dallas, Steward currently operates more than 30
hospitals across Arizona, Ohio, Pennsylvania, Arkansas, Florida,
Louisiana, Texas, and Massachusetts.
Additional information is available at www.steward.org
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Media Josephine Martin josephine.martin@steward.org