💥Healthcare Distress Looks Vigorous💥

Steward Health Care Files for BK; Another value-based care operator may follow it.

On May 6th, 2024 Steward Health Care System LLC (“Steward”) and 166 affiliates (together, the “debtors”) filed chapter 11 bankruptcy cases in the Southern District of Texas (Judge Lopez); it operates 31 hospitals and over 400 facility locations across 10 states through its network of 4,500 primary and specialty care physicians, making it “…the largest private, physician-owned health care network in the United States, providing care to more than two million patients annually.” And the world was taken by surprise by the filing!

Just kidding. Literally nobody was taken by surprise by the filing: