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Boston hospital group offers $600M for Jackson facilities

February 22, 2011 04:40PM

The Boston-based Steward Health Care System has offered to take over Jackson Health System’s cash-strapped public hospitals, assuming $500 million in debt and injecting the properties with $600 million in new capital. According to the Miami Herald, members of the committee of the Public Health Trust, which oversees Jackson and received the “expression of interest” letter from Steward this morning, have called the proposed plan a “game changer.” Steward estimated in its proposal that Jackson, which lost $244 million in fiscal 2009 and $105 million in fiscal 2010, is currently on track to lose around $200 million per year going forward, and that it was prepared to absorb those losses. [Miami Herald]