Optum informed the Health Policy Commission that it is no longer working to finalize an agreement with Steward around the sale of Stewardship Health to Optum Care. The potential sale was first announced in March, which has raised concerns amongst lawmakers on the significant impact it may have on the health care market in Massachusetts.
The sale of Steward Health Care's physician network to for-profit insurer Optum is off, state officials confirmed Friday, underscoring the uncertainty swirling around theOptum informed the Health Policy Commission that it is no longer working to finalize an agreement with Steward around the sale of Stewardship Health to Optum Care, but the companies have not yet withdrawn the deal's material change notice filings with the HPC, the agency said.
A spokesperson for Steward said the company may have a comment Friday on the dissolution of the deal, but none was immediately available. Spokespeople for Optum did not immediately respond to a request for comment. The sale of Stewardship Health is a key part of Steward's bankruptcy restructuring, a process that is still playing out with bids due for Massachusetts hospitals next month. One investment banker working on Steward's behalf told U.S. Bankruptcy Court that the sale of Stewardship was the company's"attempt to deleverage and secure liquidity for use in their operations."
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