Biggest hospital bankruptcy in decades
affects 2.2 million patients across eight states
Daily Mail (UK) & Reuters,
by
Tilly Armstrong
&
Staff
Original Article
Posted By: Imright,
5/8/2024 12:39:10 AM
Steward Health Care has put all 31 of its hospitals up for sale, after filing for bankruptcy on Monday.
The largest private hospital chain in the US hopes to finalize all transactions by the end of the summer to address $9 billion in debt, its attorneys said at a Tuesday court hearing in Texas.
Steward, which runs hospitals in eight states, hopes to keep all hospitals open in the long term, attorney Ray Schrock said.'Our goal remains that there are zero hospitals closed on our watch,' he said. 'There's going to be a change in ownership in many hospitals, we recognize that.
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Reply 1 - Posted by:
DVC 5/8/2024 1:22:10 AM (No. 1714024)
ObamaCare, working as designed....to entirely destroy the entire US medical industry.
149 people like this.
Reply 2 - Posted by:
Trigger2 5/8/2024 2:45:50 AM (No. 1714035)
Illegals caused this, no doubt.
114 people like this.
Reply 3 - Posted by:
plomke 5/8/2024 5:11:04 AM (No. 1714060)
"Free Care".
Well its not free now...
81 people like this.
Reply 4 - Posted by:
SweetPea3 5/8/2024 6:15:55 AM (No. 1714068)
Free medical care for Invaders. What could go wrong?
108 people like this.
Reply 5 - Posted by:
Strike3 5/8/2024 6:27:47 AM (No. 1714073)
Hospitals should have used their COVID money for something useful. Obamacare and alien care should never have happened. As usual, crooked government caused this mess. In my hometown, brand new buildings built since 2020 have already been sold to bigger hospital chains and they are short on personnel.
60 people like this.
Reply 6 - Posted by:
privateer 5/8/2024 6:46:04 AM (No. 1714079)
Hospitals formerly knew how to treat 'parasitic invasions'. Now they're overwhelmed by them.
50 people like this.
Let me guess...the Biden administration will say they are "too big to fail" and bail them out with my tax dollars. (we've been here before)
49 people like this.
Reply 8 - Posted by:
chumley 5/8/2024 7:29:49 AM (No. 1714114)
When Mrs C was in nursing school the instructors wanted her to go on to med school. I was all for it because I love playing doctor, but she said no way. She did not want to run a business. In addition to the morass of federal and state laws you have to obey, you can only write off so many bad debts and you lose it all.
30 people like this.
Reply 9 - Posted by:
Venturer 5/8/2024 7:36:02 AM (No. 1714119)
America's health care is already down the tubes.
Try to see your primary in less than a week.
35 people like this.
Reply 10 - Posted by:
smak90 5/8/2024 7:36:15 AM (No. 1714120)
Funny it's not mentioned in US news. I wonder why that is?
39 people like this.
Reply 11 - Posted by:
skacmar 5/8/2024 7:41:56 AM (No. 1714125)
Their failure, especially in Texas, wouldn't have anything to do with being forced to treat the millions of illegal aliens flooding over the borders and not getting paid for it, would it? What about having to accept Medicaid and Medicare reimbursement rates that do not covet the hospital's costs? Healthcare delivery is not free. Whether the hospital's are for profit or non-profit, they still need to cover expenses and pay the staff and bills with adequate revenue just like every other business.
56 people like this.
Reply 12 - Posted by:
Rumblehog 5/8/2024 7:50:44 AM (No. 1714133)
So, the Executives of Steward weren't themselves good "stewards" of the company?
Whenever these "Mahogany Hall" idiots fail so dramatically, they slither away like slimy eels into some deep, dark crevice until the coast is clear Bankruptcy Courts should be allowed to order that such failed executives have a noticeable tattoo placed on their foreheads for the remainder of their working life. It seems that executives who were not part of the building of a company and are appointed to lead it often feed their greed through perks and benefits and eventually do horrendous damage to shareholders and employees, as well as those in the "supply chain." But just like a bad penny, they keep popping up to ruin yet another business.
One must wonder whether this sort of thing isn't going to happen across private healthcare in the US, as a result of the massive invasion of sick, infected, filthy illegals from hellhole countries who want free healthcare and straight teeth.
22 people like this.
Reply 13 - Posted by:
Mizz Fixxit 5/8/2024 8:08:19 AM (No. 1714143)
Obviously, insurance costs are one of the biggest drivers of inflation now. Auto and homeowners rates are way up in 2024.. Watch out for a big spike in health insurance premiums next year that is secondary to Biden’s open border policy.
28 people like this.
Reply 14 - Posted by:
planetgeo 5/8/2024 8:10:59 AM (No. 1714145)
Mission accomplished for the "ObamaDon'tCare" Act.
39 people like this.
Reply 15 - Posted by:
tessie 5/8/2024 9:08:53 AM (No. 1714175)
I think this is all going according to plan. Cause all US hospitals into bankruptcy, and the government will go into the hospital business, and then we all have government-run healthcare just like they always wanted.
32 people like this.
Reply 16 - Posted by:
Zigrid 5/8/2024 9:33:13 AM (No. 1714190)
Not a surprise...the health care system has been bleeding money since Obamacare took over years ago...ask Canada what their health care system is like....and that's where the democrats want America to go....between big Pharma prescribing un/necessary meds....and doctors coerced into telling patients to get tests...not necessary...it's wonder this has taken so long....
21 people like this.
Reply 17 - Posted by:
Strike3 5/8/2024 10:08:22 AM (No. 1714209)
I'm sure that the new science of gender-affirming care had nothing to do with this. Expensive, lifetime treatment for essentially useless people who are not capable of paying for it.
18 people like this.
Reply 18 - Posted by:
bamboozle 5/8/2024 10:20:50 AM (No. 1714220)
Old story, sell your buildings to extract cash, then go broke paying rent. Isn't that what killed Sears?
15 people like this.
Reply 19 - Posted by:
LC Chihuahua 5/8/2024 10:47:55 AM (No. 1714234)
That's what happens when you spend money you don't have. Total US debt is 100 trillion. It's not sustainable. We will see more of this. Instead of fixing this, our government perpetuates it. They have fixed nothing. Maybe it is unfixable and broken beyond repair. One thing for certain, this cannot continue.
11 people like this.
Reply 20 - Posted by:
Toodles3956 5/8/2024 10:58:34 AM (No. 1714242)
It's the crazy Drs. ruining our system. I actually have a bill the Dr. Submitted because "he had a thought". I seriously considered making an appointment, showing him his bill & telling him I had a thought for him. It was two words & I wouldn't even charge him. My kids wouldn't let me do it.
10 people like this.
Reply 21 - Posted by:
ThreeBadCats3 5/8/2024 11:39:08 AM (No. 1714278)
Several comments, have it exactly. After about 40 years in family practice, the last were essentially without monetary profit. NP’s, PA’s, “”quick care” facilities, and telemedicine have displaced physicians, with reimbursement decided by number of pages produced and studies ordered, rather than effective intervention. Now we hear accounts of people dying with treatable problems, denied even basic services because they don’t “meet criteria”. As with many other things, we are fortunate to have lived in a relatively honest and effective age.
12 people like this.
Reply 22 - Posted by:
KatieJo 5/8/2024 12:28:53 PM (No. 1714323)
After all the deaths caused by hospital Covid protocols, I am somewhat ambivalent about this. I understand that people still need hospitals, but I wouldn't set foot in one unless it was an immediate life threatening problem. I'm terrified of doctors and hospitals, big pharma runs the show.
8 people like this.
Reply 23 - Posted by:
stablemoney 5/8/2024 12:38:43 PM (No. 1714335)
Obamacare raided Medicare funds for 500 billion at the start. Now, Biden is raiding Medicare funding to pay for illegals. And Americans that have been funding Medicare are having their premiums raised, and being told that Medicare is running out of money --- but Biden is not telling Americans Medicare is running out of money, because Medicare funds have been raided and spent on Obamacare and illegals.
11 people like this.
Reply 24 - Posted by:
TXknitter 5/8/2024 2:28:28 PM (No. 1714371)
Our hospitals inexorably connected to government money. Obamacare sealed that for good. We saw our local hospitals lie, okay useless treatment or refuse the proper trestment to implement Fauci covid protocol. They wanted all that lovely COVID $$$$ and who cares what it did to their community’s patients and their families. In order to deal with freebies to illegals which has been going on in TX and AZ hospitals FOREVER, they simply decided to gouge hard-working Americans. Well, the chickens are coming home to roost.
6 people like this.
Reply 25 - Posted by:
broken01 5/9/2024 8:20:52 AM (No. 1714771)
Get this the Sentara hospital in my area is moving into a new buildings next year that has FEWER beds. My guess is that they want to keep their inpatient care costs down. Now we have this bankruptcy happening due to Obamanationcare raiding Medicare and the med treatment of illegal alien parasites. Who see everything handed to them on silver platters all while the taxpayer foots the ever-growing bill. Completely ridiculous.
2 people like this.
Reply 26 - Posted by:
Dodge Boy 5/9/2024 9:00:36 AM (No. 1714798)
Notice how many urgent care facilities in your neighborhood have come and gone. When is the last time you ever saw cars parked in front of them when they were still open? Who wants to go to an urgent care facility to be seen for a sore throat then fork over a thousand bucks while the illegals pay nothing? Yep, ObieCare at its best.
4 people like this.
Reply 27 - Posted by:
Zigrid 5/9/2024 9:27:55 AM (No. 1714824)
Everything the government touches...goes broke.....guess the poor illegal aliens will not be affected...only American citizens....
5 people like this.
Reply 28 - Posted by:
Robert Jones 5/9/2024 10:18:40 AM (No. 1714866)
Progressives have always pushed for government care. This shows how it can't be done. The health care system worked best in Louisiana before Medicare and all it's results. Once Medicare kicked in, health care inflation went through the roof when it was known that the government would pick up the tab. The Louisiana health care set up a charity hospital system that would care for anyone for free. But the progressives resisted the term "Charity" and that had to go because everyone is entltled to health care( What an absurd idea!). Quit Medicare and the ensuing government control because government bureaucrats can't do anything well. Let people make the decisions with their own time and money. Little by little, the government is destroying the best government system the world has ever seen.
1 person likes this.
Reply 29 - Posted by:
Lawsy0 5/9/2024 12:34:01 PM (No. 1714962)
I worked for a bank in 1968-1971. Every Monday morning, a thick stack of papers was tossed on my desk. It was the confidential list of all bankruptcy cases opened since the previous Monday. I was supposed to look at the names and compare it to our list of loans over a quarter of a million. Boss said I could quote amounts, but not the customer names. You'd have been surprised! I know I was.
1 person likes this.
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