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Boston, MA - U.S. Senator Elizabeth Warren (D-Mass.) issues the following statement on Steward Health Care closing two Massachusetts health care facilities:
"This is outrageous. The closures of Carney Hospital and Nashoba Valley Medical Center are the direct consequence of looting by Steward executives, private equity investors, and corporate landlords at the expense of patients, health care workers, and Massachusetts communities. I won't stop fighting hard to hold Steward executives accountable, and I'll continue working with Governor Healey to help protect health care in these communities."
"CEO Ralph de la Torre and Steward's entire executive team need to be stripped from their roles at the company, and investigated for any wrongdoing. State and federal lawmakers need to do everything in our power to prevent this from happening again, starting with Congress passing my Corporate Crimes Against Health Care Act."
Senator Warren is one of the nation's leading bankruptcy experts, and has been leading congressional oversight of Steward's failures. Warren has repeatedly called out the harms of private equity ownership on health care costs and quality of care and has fought to prevent companies from taking advantage of the bankruptcy system:
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On July 3, 2024, Senators Warren and Markey wrote to Medical Properties Trust and Macquarie Infrastructure Partners, owners of Steward's eight Massachusetts hospitals, urging them to offer lease concessions to keep the hospitals open and viable.
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On June 11, 2024, Senators Warren and Markey introduced the Corporate Crimes Against Health Care Act of 2024 to root out corporate greed and private equity abuse in the health care system, specifically preventing what happened with Steward from happening again.
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On June 3, 2024, Senators Warren, Brown (D-Ohio), and Markey wrote to the Director of the U.S. Trustee Program (USTP), calling for USTP to move to appoint a Chapter 11 trustee to run the company in place of Steward's current management, and to monitor the hospitals' bankruptcy proceedings to protect patients and local communities.
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On May 24, 2024, Senator Warren sent a letter to the U.S. Department of Health and Human Services and the U.S. Centers for Medicare & Medicaid Services, urging them to support communities and health care providers affected by the crisis caused by Steward's financial mismanagement.
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On April 19, 2024, Senators Warren and Senator Markey (D-Mass.) sent a letter to six private credit funds that are holders of Steward's debt, asking them a series of questions about their loans and calling on them to offer loan modifications that could potentially help keep the hospitals afloat.
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On April 16, 2024, Senators Warren and Markey called out Medical Properties Trust and Macquarie Infrastructure Partners for exploiting Steward Hospitals, and urged them to help keep the hospitals open.
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On April 8, 2024, Senators Warren, Markey, and the rest of the MA delegation urged the FTC and DOJ to closely scrutinize UnitedHealth Group's proposed acquisition of Steward Health Care's physician group, Stewardship Health.
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On April 3, 2024, Senator Warren delivered remarks at a Senate hearing in Boston titled, "When Health Care Becomes Wealth Care: How Corporate Greed Puts Patient Care and Health Workers at Risk," which centered on Steward Health Care's Massachusetts hospitals.
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On March 26, 2024, Senator Warren released a statement about Steward's plan to sell its physician group Stewardship Health to UnitedHealth Group's subsidiary Optum.
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On March 26, 2024, Senators Warren and Markey sent a letter to Steward CEO and Chairman Dr. Ralph de la Torre, calling on him to testify at a congressional hearing in Boston.
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On March 8, 2024, Senators Warren and Markey sent a letter to Dr. de la Torre, blasting him for years of financial mismanagement, private equity schemes, and executive profiteering that have led to Steward Health Care's financial crisis.
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On February 15, 2024, Senators Warren and Markey, along with all nine members of the Massachusetts congressional delegation, sent a letter to Cerberus seeking answers from the private equity firm for its role in creating the current financial challenges at Steward hospitals.
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On January 29, 2024, Senator Warren released a statement about Steward's financial situation and allegations of patient neglect at Steward facilities.
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On January 23, 2024, Senator Warren led the Massachusetts congressional delegation in a letter to the CEO of Steward Health Care pressing the company to brief them on Steward's financial position, the status of their Massachusetts facilities, and their plans to ensure the communities they serve are not abandoned.
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