Steward said Medical Properties Trust would buy all of its hospital properties for $1.2 billion, lease the properties back to Steward, and pay $50 million for a five percent equity stake in the company. Steward lined up $1.25 billion from a real estate investment firm that will help the Boston-based company finance a national expansion, pay off debt, and return money to the private equity firm that bought it in 2010. In September 2016, The Boston Globe reported Steward Health Care System had made a deal to expand its operations. The company covers approximately three million full-risk patients through its integrated care network, hospitals, managed care and health insurance services in Arizona, Arkansas, Florida, Louisiana, Massachusetts, New Hampshire, New Jersey, Ohio, Pennsylvania, and Texas. In June 2020, Steward became the nation's largest physician-owned health care system, after Steward physicians acquired a 90 percent controlling interest in the company. Steward Health Care was started by Ralph de la Torre, when Caritas Christi Health Care system was sold to the private equity firm Cerberus Capital Management in 2010 after the transaction, Caritas was converted to a for-profit company and renamed Steward Health Care. Steward Health Care is led by CEO Ralph de la Torre, a Cuban-American physician, engineer and cardiac surgeon. Headquartered in Dallas, Steward's integrated health care model employs 40,000 people at thirty-three hospitals and hundreds of urgent care, skilled nursing, and primary and specialty care medical practice locations across eight states. Steward Health Care is the largest physician-owned private for-profit health care network in the United States and attends to 2.2 million people during more than twelve million physician and hospital visits annually.
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