The deal helped shape much of what followed for Steward Health Care System over the next four years, culminating this week in the Chapter 11 filing of Steward, one of the biggest hospital bankruptcies in U.S. history.
The flow of high-acuity patients to the Hospital of the University of Pennsylvania, Penn Presbyterian Medical Center, and Pennsylvania Hospital opens up access to care that isn’t available at every hospital. It’s also crucial to Penn’s business model.
Since filing Chapter 11 in October, Rite Aid has said it will close more than 520 locations. The closures represent nearly a quarter of the 2,111 stores Rite Aid operated when it entered bankruptcy.
Dallas-based Steward Health Care filed for Chapter 11 bankruptcy Monday, saying it will move to restructure its debt under court supervision and keep running its hospitals across the U.S. — including eight in Massachusetts — as it does so.
Massachusetts public health officials have activated an "emergency operations plan" to ensure continued access to medical care as the Steward Health Care hospital system faces an increasingly worrying financial outlook.