corporate greed In Boston Hospital

[andhra_jp]

A new mom died after giving birth at a Boston hospital. Was corporate greed to blame?

The hospital where Rashid gave birth, St. Elizabeth's, is one of dozens of hospitals across the U.S. acquired in the past 15 years by a company called Steward Health Care. With hundreds of millions of dollars in backing from private equity giant Cerberus, Steward started buying up Massachusetts hospitals in 2010 and now owns 33 hospitals across 8 states. 

The Dallas-based health care company has been one focus of a year-and-a-half-long CBS News investigation revealing how private equity investors have siphoned hundreds of millions of dollars from community hospitals with devastating public health consequences. Last April, CBS News found Steward redirected money away from hospital operations by selling off the real estate of San Antonio's Texas Vista Medical Center before closing the facility altogether.

Yet records reviewed by CBS News showed Steward hospitals around the country with a trail of unpaid bills, at times risking a shortage of potentially life-saving supplies. That appears to be what happened at St. Elizabeth's last October, where medical staff says a device that could have stopped the bleeding in Rashid's liver was repossessed by the manufacturer weeks earlier. 

After giving birth, Rashid experienced bleeding from her uterus, followed by pain around the back of her rib cage. Doctors sent her for an emergency CT scan and then rushed her to the emergency room where, Haque said, they found bleeding in her liver. Hours later, Rashid died during surgery at a second hospital, a tragedy first reported by the Boston Globe, 

Cerberus, the private equity firm, shed its stake in Steward by January 2021, after making an $800 million profit in a decade, according to a report from Bloomberg. Financial records show Steward has also sold off more than $1 billion of its hospitals' land and buildings since 2016 to Medical Properties Trust, which has made a business of buying up hospital real estate from private equity investors. 

 

[kevinUsa]

5 hours ago, andhra_jp said:

A new mom died after giving birth at a Boston hospital. Was corporate greed to blame?

The hospital where Rashid gave birth, St. Elizabeth's, is one of dozens of hospitals across the U.S. acquired in the past 15 years by a company called Steward Health Care. With hundreds of millions of dollars in backing from private equity giant Cerberus, Steward started buying up Massachusetts hospitals in 2010 and now owns 33 hospitals across 8 states. 

The Dallas-based health care company has been one focus of a year-and-a-half-long CBS News investigation revealing how private equity investors have siphoned hundreds of millions of dollars from community hospitals with devastating public health consequences. Last April, CBS News found Steward redirected money away from hospital operations by selling off the real estate of San Antonio's Texas Vista Medical Center before closing the facility altogether.

Yet records reviewed by CBS News showed Steward hospitals around the country with a trail of unpaid bills, at times risking a shortage of potentially life-saving supplies. That appears to be what happened at St. Elizabeth's last October, where medical staff says a device that could have stopped the bleeding in Rashid's liver was repossessed by the manufacturer weeks earlier. 

After giving birth, Rashid experienced bleeding from her uterus, followed by pain around the back of her rib cage. Doctors sent her for an emergency CT scan and then rushed her to the emergency room where, Haque said, they found bleeding in her liver. Hours later, Rashid died during surgery at a second hospital, a tragedy first reported by the Boston Globe, 

Cerberus, the private equity firm, shed its stake in Steward by January 2021, after making an $800 million profit in a decade, according to a report from Bloomberg. Financial records show Steward has also sold off more than $1 billion of its hospitals' land and buildings since 2016 to Medical Properties Trust, which has made a business of buying up hospital real estate from private equity investors. 

 

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