Steward's physician network changes name as purchase transaction is finalized
Photo I Craig Sandler/State House News Service
Outside the now-shuttered Steward Health Care-owned Carney Hospital in Dorchester
The sale of Steward Health Care's physician network to the Rural Healthcare Group has been finalized, the buyer announced Thursday along with a new name for the consolidated company: Revere Medical.
The Tennessee-based affiliate of New York-based private equity firm Kinderhook Industries agreed in August to buy Stewardship Health for $245 million in cash. Revere Medical said Thursday that the transaction had closed and that its new name is meant to reflect the "path to building the country's most revered provider organization."
"Combining the organizations will allow for Revere Medical to accelerate the impact of our operating model across more providers, patients, and communities," Benson Sloan, CEO of Revere Medical, said in a statement. "The next step is to integrate the two organizations while making further investments to bolster the delivery of care. As Revere Medical, our mission of improving the lives of people in underserved areas through high-quality care remains unchanged."
Revere Medical said it "plans to make investments in the legacy Stewardship infrastructure across people and technology" and "will seek to ensure that care remains local so that patients can still access their existing providers, specialists, and hospitals." Dr. Joseph Weinstein, president of Stewardship Health, said being absorbed by Revere Medical "provides a committed partner focused on quality care and improving the clinic experience for providers, clinic-teams, and patients."
Stewardship Health was among the largest Medicare accountable care organizations in the United States and was serving more than 800,000 patients annually with about 3,250 affiliate providers. Stewardship Health employed more than 290 physicians, the company said in August.
The bankrupt Steward Health Care closed two of its Massachusetts hospitals (Carney Hospital in Dorchester and Nashoba Valley Medical Center in Ayer) and sold its other six facilities here: Holy Family Hospital in Methuen and Haverhill to Lawrence General Hospital, St. Elizabeth's Medical Center in Brighton and Good Samaritan Medical Center in Brockton to Boston Medical Center, and St. Anne's Hospital in Fall River and Morton Hospital in Taunton to Brown University Health.
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