Massachusetts requires all hospital systems to disclose detailed financial statements every year. But almost a decade ago, Steward stopped complying with this rule, according to state officials. Steward failed to hand over its documents by the Healey administration's deadline Friday.
: As of 5 p.m. Friday, Healey administration officials said Steward Health Care had not provided the financial documents they requested, and they called for Steward to complete an orderly transition out of Massachusetts.
Officials at the state Center for Health Information and Analysis, or CHIA, fined Steward, and the matter eventually went to court. Last year, Superior Court judge Catherine Ham ordered Steward to submit its complete, unredacted financial statements.Now, as Steward appears to be in grave financial distress, Gov. Maura Healey is ordering the company produce its documents by the close of business Friday. She has not specified how she will respond if Steward fails to meet the deadline.
“We haven't received complete information, and we are particularly stymied in our efforts to understand the relationship of the hospitals in our state to the corporate structure,” she said. “We have played with our cards face up on these data requests, using teams of professionals to interact with multiple state officials and to gather and produce data into the night and over weekends,” Dr. Michael Callum, interim president of Steward’s New England region, wrote in a letter to the governor.
A company's audited financial statements include key figures about revenues, expenses and debt. Footnotes often contain important details about how executives count their money, said Nancy Kane, a hospital finance expert and professor emerita at Harvard T.H. Chan School of Public Health who has studied Steward’s numbers.to develop plans for allocating public dollars and protecting patients’ access to care.
What is known about Steward’s finances isn’t good, Kane said: The company lost close to $1 billion in the years leading up to 2020, and had a negative net worth of $1.5 billion.
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