Sponsored by VMG Health | info@vmghealth.com | 214.369.4888

Sale of Massachusetts' Quincy Medical Center to Steward Needs State Approval

Boston-based Steward Health Care System's acquisition of Quincy (Mass.) Medical Center must gain multiple regulatory approvals before proceeding, a process which may take several months, according to a Boston Globe report.

The acquisition, which would convert non-profit Quincy to a for-profit facility, requires approval from the Supreme Judicial Court of Massachusetts, review by Attorney General Martha Coakley's office and permission from the state Department of Public Health.

Quincy Medical Center has a $6 million operating deficit and missed a $380,000 bond payment last month. Under the proposed sale to Steward, Quincy's 1,100 employees would retain their levels of pay and benefits and would not be laid off.

Read the Boston Globe report on Quincy Medical Center.

Related Articles on Quincy Medical Center:

Steward to Acquire Massachusetts' Quincy Medical Center

Massachusetts' Quincy Medical Center Seeks Partner

Quincy Medical Center Nurses' Contract Negotiations Halt Until Federal Mediator Arrives


Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars