Steward Medical Group and Steward Health Care Network have recently undergone a significant change in ownership. The organizations have been sold to Rural Healthcare Group and rebranded as Revere Medical.
The Massachusetts Health Policy Commission conducted a review of the sale of Steward Health Care’s physician network, Stewardship Health, to Brady Health Buyer, an affiliate of Rural Healthcare Group. The sale was approved by Judge Christopher Lopez on August 22 as part of the bankruptcy proceedings of Steward Health Care.
Rural Healthcare Group, a private investment firm, is now the new owner of Stewardship Health. The organization has been rebranded as Revere Medical, with plans to invest in Steward’s people and technology.
Despite the uncertainties surrounding the sale, the HPC found that the immediate transfer of ownership to RHG would ensure continuity of care for patients and stability for staff and the healthcare market. RHG has also committed to continuing its participation in MassHealth, ensuring continuity of care for these patients.
The larger trend surrounding this sale includes Optum’s decision to back out of its agreement to purchase Steward Health Care’s physician group, Stewardship Health, in June. This purchase was part of a bankruptcy restructuring process to sell the 31 hospitals within the health system.
CEO of Revere Medical, Benson Sloan, expressed excitement about the merger of Stewardship and RHG, now known as Revere Medical. Sloan emphasized the organization’s commitment to improving the lives of people in underserved areas through high-quality care.
As Revere Medical moves forward, they plan to integrate the two organizations and make further investments to enhance the delivery of care. Regular updates on operations in Massachusetts will be provided to the HPC over the next two years.
Overall, the sale of Steward Medical Group and Steward Health Care Network to Rural Healthcare Group marks a new chapter for these organizations under the rebranded name of Revere Medical. The focus remains on providing quality care to patients and communities in need.
