Saints Medical Center and Steward Health Care System LLC (Steward) announced they have signed a letter of intent for Saints to become part of Steward. The parties will continue due diligence toward the signing of an asset purchase agreement.
Victor Poirier, Chair, Saints Board of Trustees, said, “After a comprehensive review and analysis of several partnership opportunities, we chose Steward Health Care System because their interests are best aligned to fulfill the mission, values and vision of Saints.”
Steward is a Massachusetts-based, regional accountable care organization (ACO) and community hospital network. Formed out of a Catholic system, Steward is a mission-based organization that is committed to keeping health care in the local community. Over the past three years, Steward has invested in clinical information technology, improved infrastructure and significant physician network growth. This investment has helped enable the creation of their community-based ACO, increased physician efficiency and enhanced communication between physicians.
“This decision was not just about finances,” said Stephen Guimond, Chief Executive Officer of Saints. “It was about finding a partner that shares our mission and ideals. By joining Steward, we will gain long-term financial stability without sacrificing who we are and what we believe in.”
“Steward is a physician led organization that has a unique model that fosters communication between physicians and rewards them for keeping patients healthy,” said Ralph de la Torre, MD, Chief Executive Officer of Steward.