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Around the nation: Steward Health finalizes sale of physician group


Steward Health has finalized the sale of its physician group, Stewardship Health, as it continues its Chapter 11 bankruptcy restructuring, in today's bite-sized hospital and health industry news from Georgia, Maryland, and Texas. 

  • Georgia: According to a new CDC study, fewer than one in six healthcare workers in hospitals and nursing homes reported receiving COVID-19 boosters during the 2023-2024 respiratory virus season. For the study, researchers examined data from 4,112 acute care hospitals and over 14,000 nursing homes. Overall, COVID-19 vaccination rates were 15.3% for hospital workers and 10.5% for nursing home workers. However, flu vaccination rates were much higher, with 80% of workers at acute care hospitals receiving a shot, and 45.4% of workers at nursing homes. According to public health officials, it's important for healthcare workers to be up-to-date with their vaccinations to avoid getting sick and to reduce the risk of exposing patients to preventable illnesses. In addition, CDC noted that healthcare personnel who felt like they had sufficient knowledge about the COVID-19 vaccine were 10 times more likely to be vaccinated and four times more likely to recommend their patients be vaccinated. (Bettelheim, Axios, 11/4)
  • Maryland: Last week, Maryland became the first state to join the AHEAD model, a federal program aimed at improving healthcare quality and equity while lowering costs for healthcare payers. The AHEAD model builds on the state's Total Cost of Care model, which sets a per capital limit on Medicare's total cost of care in the state and includes the state's all-payer hospital payment system, which reduces per-capita hospital expenses and supports improved health outcomes. "The AHEAD model is the next chapter in health care, so we are proud to be writing that new chapter right here in the state of Maryland," said Gov. Wes Moore (D). The Maryland Department of Health plans to implement the AHEAD model starting Jan. 1, 2025. It will establish targets for cost growth, quality and equity improvements, population health, and primary care investments, as well as identify regional partnerships to boost the model's goals. Currently, CMS has chosen five other states, Vermont, Connecticut, Hawaii, Rhode Island, and parts of New York, to participate in the AHEAD model. (Witte, Associated Press, 11/1)
  • Texas: Steward Health Care has completed a $245 million sale of its physician group, Stewardship Health, to Rural Healthcare Group, which is owned by the private equity firm Kinderhook Industries. According to Kinderhook, it plans to rebrand the combined company as Revere Medical. Around 5,000 employed and affiliated Stewardship physicians across nine states will be added to Revere's network of 17 primary care clinics in North Carolina and Tennessee. Revere will also invest in Stewardship infrastructure and technology and has said it will allow patients to stay with their doctors. "The Stewardship team is excited for this next chapter with Revere Medical as it provides a committed partner focused on quality care and improving the clinic experience for providers, clinic teams, and patients," said Stewardship president Joseph Weinstein. According to Modern Healthcare, the sale of Stewardship is one of the last few transactions in Steward's Chapter 11 bankruptcy restructuring. Steward originally filed for Chapter 11 bankruptcy in May and announced plans to sell its entire hospital network and physician group. (Kacik, Modern Healthcare, 10/31)

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