MPT plans to also publish an Investor Update presentation under “Webcasts & Presentations” in the Investor Relations section of the Company’s website. (the “Company” or “MPT”) (NYSE: MPW) today announced financial and operating results for the second quarter ended June 30, 2022, as well as certain events occurring subsequent to quarter end. Steward filed heavily redacted financial statements for 20, and it has not produced any figures for 2016, according to the CHIA.BIRMINGHAM, Ala.-( BUSINESS WIRE)-Medical Properties Trust, Inc. Leonetti, a lawyer at Foley Hoag LLP who filed Steward’s suit against the CHIA, said the company has submitted the required information about its Massachusetts hospitals.īut, he said in a statement, “Steward’s physician practice groups, home health care service, and mobile medical imaging services are not hospitals and like other private organizations providing those services, the suit maintains those are not under the purview of CHIA.” Elizabeth’s Medical Center and Carney Hospital in Boston. A real estate investment trust, Medical Properties Trust Inc., owns the bulk of Steward’s hospital properties. Steward said its network now includes three dozen hospitals in 10 states, as well as physician groups, a home health care service, and more. That followed the purchase in May of eight hospitals from Community Health Systems Inc. Last month, Steward took over IASIS Healthcare of Franklin, Tenn., and its hospitals in Utah, Arizona, Colorado, Texas, Arkansas, and Louisiana, in a $2 billion deal. The company, launched in 2010 to acquire the troubled Massachusetts hospitals formerly run by the Archdiocese of Boston, now runs more hospitals outside of Massachusetts than inside. Steward completed two major acquisitions this year that roughly quadrupled its size. “But that comes up against the CHIA mandate, which is to collect all of this financial information because the Commonwealth has decided this is an important public policy issue,” he added. ![]() “There’s information that they make available to their accountants that they wouldn’t want to be in the public eye. ![]() “Private companies, they want to keep their information private,” he said. Robinson, a health care lawyer at Posternak Blankstein & Lund LLP who is not involved in the case, said the court will have to consider the authority granted to the CHIA under state law. Steward is the only company that has repeatedly failed to submit companywide financial statements to the state.Ī CHIA spokesman said the agency cannot comment on ongoing litigation and referred questions to Attorney General Maura Healey’s office, which represents state agencies in legal matters.Ī spokeswoman for Healey’s office declined to comment Tuesday, saying the office had not yet received the lawsuit. Massachusetts has some of the strictest reporting requirements for health care providers, part of a 2012 law that aimed to tackle health care costs, in part by requiring more transparency. The agency gathers data about hospital revenues, profits and losses, debt, and other details as part of its charge to monitor the financial condition of the Massachusetts hospital industry. ![]() (Other information that the CHIA collects from health care providers is already posted online.) The CHIA treats financial statements from Steward and other companies as public documents and makes them available to reporters and others upon request. “Steward keeps information contained in the notes confidential because releasing the notes would cause harm to Steward,” the company said in its complaint. The company said it doesn’t want to disclose its full financial statements because “they can contain sensitive, proprietary business information related to long-term debt, relationships with investors, retirement plans, and significant transactions that is not otherwise publicly available. Steward is a privately held for-profit (backed by a New York private equity fund), and as of this year, much of its business is outside of Massachusetts.īecause it isn’t publicly held, Steward does not have to detail its finances for the US Securities and Exchange Commission. The suit notes Steward’s unique position in the Massachusetts market, where most of the health care providers are nonprofits, with the bulk of their business located in the state. Steward also accused the agency of improperly giving some of the company’s past financial statements to CommonWealth magazine and the Globe, which have reported on Steward’s financial condition.
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