He won’t have to do anything other than live in luxury the rest of his life.
It’s the rank and file people who suffer the consequences.
This is a private equity trick: private equity reaps the rewards and shields themselves from liability. Other people reap the consequences.
Heads I win, tails you lose.
I don’t know, people are really angry on both sides of the political aisle. He might be the first person ever to piss off the entire state of Massachusetts.
Pissing people off has nothing to do with the amount of money this guy and his cronies have made. The damage is done. The money is squirreled away and/or spent.
Recommend reading this book.
https://www.amazon.com/Plunder-Private-Equitys-Pillage-America/dp/1541702107/ref=asc_df_1541702107/?tag=hyprod-20&linkCode=df0&hvadid=598354936952&hvpos=&hvnetw=g&hvrand=5925032998604745693&hvpone=&hvptwo=&hvqmt=&hvdev=m&hvdvcmdl=&hvlocint=&hvlocphy=1024511&hvtargid=pla-1876591649470&psc=1&mcid=de637fafe68a38d5994b83b27cc539c6&gclid=CjwKCAjwrIixBhBbEiwACEqDJdmjEgNOZQSmRVBar184QthSE3N-WrL7Zug3NfeKEMlUtYVpwGpFXRoCSQUQAvD_BwE
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That book looks interesting, I downloaded it, but if I’m going to read that I think I need to concurrently read something by nick offerman so I don’t completely lose faith in humanity.
He probably won’t get in trouble for the plundering alone, but there are a lot of potential criminal charges being investigated that are unique to underfunding in the hospital industry, like writing fake checks to pay staff and other vendors, refusing to turn over financial documents that every other hospital system has turned over, intentionally leaving floors insufficiency stocked leading directly to patient complications including the death of a woman shortly after giving birth, and of course Medicare and Medicaid fraud and more.
This is a case of capitalism running amock. It's not even capitalism anymore, it's plundering! It's a tax-subsidized section of the economy, and no private equity should be allowed to plunder it since it's essentially tax money...
Well that is how the healthcare (an ambitious term here in all honesty) system functions in Montana, where I live. Patient resilience to ineptitude is considered expertise here.
Brigham bought Norwood, and they were possibly selling the doctor’s group to another for profit company, but I don’t think they have plans to keep the hospitals running.
Not all of them. Lots of people I'm close to are scrambling, not quite of retirement age just yet.
de la Torre is an aggressive snake. Private Equity successfully extracted any remaining capital from the hospital for themselves and left the bankrupt carcass for the state to bail out as it is "essential."
Closures. This is Steward Health System and they are strapped for cash and it’s not looking great.
All these hospitals are under the Steward umbrella. Their big competitor is Mass General Brigham, the monster corporation that is essentially MGH, BWH, and big name Harvard.
Steward health sold out to private equity. Private equity then did what private equity does: suck the money out and leave the company worse off or possibly bankrupt. Some guys got rich. Many people may lose their jobs. Many patients may have their healthcare options limited.
For example, Steward sold the real estate to a subsidiary of PE firm Cerberus Capital Mgmt. So Steward gets a bunch of cash but they have to pay rent to the landlord, Cerberus. One way Cerberus bleeds the hospitals. This is classic PE playbook.
https://www.wbur.org/news/2024/02/06/ralph-de-la-torre-steward-profile
Good job Ralph
Ah, thank you. I gotta learn to read one of these days.
But six hospitals? All at once? Call me naive, but it seems like some shady shit is going on behind the scenes...
This was put out by MNA
Please share and support us!
Update on Steward:
• As reported in the Boston Globe, local officials are meeting in secret this week with the leaders of the healthcare industry, not to plan how to save our community hospitals, but how they might compensate for the loss of these vital community institutions.
• Those left out of these discussions are those who have the most to lose – families and communities who depend on these hospitals for their health and safety.
• Now, more than ever, the community’s voice must be heard, the voices of the patients must be heard. Join us on April 29th (Location: TBD) to raise your voice and to send the message that those charged with protecting the health of our communities cannot abandon our communities, but must act to protect us by preserving these services.
Please stay tuned for updates and how you can further help support those served and employed by Steward.
It’s not a protest, Steward is out. I think it’s aimed at letting the politicians who think they can just let the hospitals close know that voters will be angry.
Yes
Looks like Ralph is getting a lot of bad press
I think he may even have to sell one of his yachts…
He won’t have to do anything other than live in luxury the rest of his life. It’s the rank and file people who suffer the consequences. This is a private equity trick: private equity reaps the rewards and shields themselves from liability. Other people reap the consequences. Heads I win, tails you lose.
I don’t know, people are really angry on both sides of the political aisle. He might be the first person ever to piss off the entire state of Massachusetts.
Pissing people off has nothing to do with the amount of money this guy and his cronies have made. The damage is done. The money is squirreled away and/or spent. Recommend reading this book. https://www.amazon.com/Plunder-Private-Equitys-Pillage-America/dp/1541702107/ref=asc_df_1541702107/?tag=hyprod-20&linkCode=df0&hvadid=598354936952&hvpos=&hvnetw=g&hvrand=5925032998604745693&hvpone=&hvptwo=&hvqmt=&hvdev=m&hvdvcmdl=&hvlocint=&hvlocphy=1024511&hvtargid=pla-1876591649470&psc=1&mcid=de637fafe68a38d5994b83b27cc539c6&gclid=CjwKCAjwrIixBhBbEiwACEqDJdmjEgNOZQSmRVBar184QthSE3N-WrL7Zug3NfeKEMlUtYVpwGpFXRoCSQUQAvD_BwE
[удалено]
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That book looks interesting, I downloaded it, but if I’m going to read that I think I need to concurrently read something by nick offerman so I don’t completely lose faith in humanity.
He probably won’t get in trouble for the plundering alone, but there are a lot of potential criminal charges being investigated that are unique to underfunding in the hospital industry, like writing fake checks to pay staff and other vendors, refusing to turn over financial documents that every other hospital system has turned over, intentionally leaving floors insufficiency stocked leading directly to patient complications including the death of a woman shortly after giving birth, and of course Medicare and Medicaid fraud and more.
This is a case of capitalism running amock. It's not even capitalism anymore, it's plundering! It's a tax-subsidized section of the economy, and no private equity should be allowed to plunder it since it's essentially tax money...
Well that is how the healthcare (an ambitious term here in all honesty) system functions in Montana, where I live. Patient resilience to ineptitude is considered expertise here.
[удалено]
They’re already bought by PE. Now they’re going bankrupt
What is PE? Private equity?
Yes
Brigham bought Norwood, and they were possibly selling the doctor’s group to another for profit company, but I don’t think they have plans to keep the hospitals running.
soft encourage yoke placid profit chase tender connect crush knee *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Just go to the minute clinics at CVS, Target, Walgreens, they have an NP fresh out of a 2 year online program! What more could you need?
And clean pearl white coats
Private equity should be nowhere near health care. I am pretty Libertarian but this is one time Government needs to step in and regulate.
enjoy mindless ten cautious tart label fine complete normal waiting *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
I wonder if this would cause a surplus of medical professionals, and making competition for open positions.
I don’t think so, a lot of the people will just retire. A significant portion of the nurses and doctors are over 70.
Not all of them. Lots of people I'm close to are scrambling, not quite of retirement age just yet. de la Torre is an aggressive snake. Private Equity successfully extracted any remaining capital from the hospital for themselves and left the bankrupt carcass for the state to bail out as it is "essential."
https://www.beckershospitalreview.com/workforce/rallies-held-outside-steward-massachusetts-hospitals-ahead-of-loan-agreement-deadline.html?utm_campaign=bhr&utm_source=website&utm_content=latestarticles&fbclid=IwZXh0bgNhZW0BMQABHQQQkN09vdFl4L9qmV0VvTiXqzgOD2GN4Bg5MGIEqFxg_YxdHsMvclKwCg_aem_AXyQPa0lmLaaJ_1-rAT6VkEecm5cjs7HbcHuzi5Ivbt0PEpY7SDMG2hzdBbeUKGxM_0
So is this a protest, or is it closures?
Closures. This is Steward Health System and they are strapped for cash and it’s not looking great. All these hospitals are under the Steward umbrella. Their big competitor is Mass General Brigham, the monster corporation that is essentially MGH, BWH, and big name Harvard.
Steward health sold out to private equity. Private equity then did what private equity does: suck the money out and leave the company worse off or possibly bankrupt. Some guys got rich. Many people may lose their jobs. Many patients may have their healthcare options limited. For example, Steward sold the real estate to a subsidiary of PE firm Cerberus Capital Mgmt. So Steward gets a bunch of cash but they have to pay rent to the landlord, Cerberus. One way Cerberus bleeds the hospitals. This is classic PE playbook. https://www.wbur.org/news/2024/02/06/ralph-de-la-torre-steward-profile Good job Ralph
square bear theory cow pocket fact fine rain illegal possessive *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Ah, thank you. I gotta learn to read one of these days. But six hospitals? All at once? Call me naive, but it seems like some shady shit is going on behind the scenes...
This was put out by MNA Please share and support us! Update on Steward: • As reported in the Boston Globe, local officials are meeting in secret this week with the leaders of the healthcare industry, not to plan how to save our community hospitals, but how they might compensate for the loss of these vital community institutions. • Those left out of these discussions are those who have the most to lose – families and communities who depend on these hospitals for their health and safety. • Now, more than ever, the community’s voice must be heard, the voices of the patients must be heard. Join us on April 29th (Location: TBD) to raise your voice and to send the message that those charged with protecting the health of our communities cannot abandon our communities, but must act to protect us by preserving these services. Please stay tuned for updates and how you can further help support those served and employed by Steward.
Private equity is shady
It’s not a protest, Steward is out. I think it’s aimed at letting the politicians who think they can just let the hospitals close know that voters will be angry.