Steward Physician Network Rebrands After Sale Closes – Sentinel and Enterprise

The sale of physician network Steward Health Care to Rural Healthcare Group has been completed, the buyer announced Thursday along with a new name for the combined company: Revere Medical.

The Tennessee arm of New York-based private equity firm Kinderhook Industries agreed in August to buy Stewardship Health for $245 million in cash. Revere Medical said Thursday that the transaction has closed and that its new name is meant to reflect “the path to building the most respected provider organization in the country.”

“Combining the organizations will allow Revere Medical to accelerate the impact of our operating model on more providers, patients and communities,” Revere Medical CEO Benson Sloan said in a statement. “The next step is to integrate the two organizations while making further investment to support care delivery. As Revere Medical, our mission to improve the lives of people in underserved areas through high-quality care remains unchanged.”

Revere Medical said it “plans to make investments in legacy Stewardship infrastructure between people and technology” and “will seek to ensure care remains local so patients can continue to access existing providers, specialists and hospitals.” Dr. Joseph Weinstein, president of Stewardship Health, said being absorbed by Revere Medical “provides a dedicated partner focused on quality care and improving the clinical experience for providers, clinical teams and patients.”

Stewardship Health was among the largest Medicare accountable care organizations in the United States and serves more than 800,000 patients annually with approximately 3,250 affiliated providers. Stewardship Health has hired more than 290 doctors, the company said in August.

Bankrupt Steward Health Care closed two of its Massachusetts hospitals (Carney Hospital in Dorchester and Nashoba Valley Medical Center in Ayer) and sold its other six facilities here: Holy Family Hospital in Methuen and Haverhill to Lawrence General Hospital, St. . Elizabeth in Brighton and Good Samaritan Medical Center in Brockton to Boston Medical Center and St. Anne in Fall River and Morton Hospital in Taunton to Brown University Health.