Steward Healthcare has filed for bankruptcy protection.
The company released a statement saying, “it has commenced an in-court restructuring process through the filing of voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code.”
Steward went on to say that they do not “expect any interruptions in its day-to-day operations, which will continue in the ordinary course throughout the Chapter 11 process. Steward’s hospitals, medical centers and physician’s offices are open and continuing to serve patients and the broader community and our commitment to our employees will not change.”
Reasons cited for the filing include “insufficient reimbursement by government payors,” along with “skyrocketing labor costs, increased material and operational costs due to inflation, and the continued impacts of the COVID-19 pandemic.”
Steward’s eight hospitals in Massachusetts include Good Samaritan Medical Center in Brockton and Morton Hospital in Taunton.
