Steward Health Care, the Boston-based, private equity-backed hospital chain, faces state fines for failing to file its financial statements on time, Modern Healthcare reported.
All Massachusetts health systems and hospitals must file their financial results with the state’s Center for Health Information and Analysis, established as part of major healthcare cost-control legislation to collect data from insurers and providers on their financial performance as well as healthcare prices, spending and costs.
Steward missed an April deadline, and started incurring a fine of $1,000 a week on June 29. The fine is the maximum that the law allows. Annual penalties cannot exceed $50,000.
The company also was late filing is fiscal 2013 results, due in April 2014. Steward didn’t file the results until March of this year.
Steward is the only hospital operator not in compliance this year. The filing delays, coming from for-profit chain in a state still dominated by health systems that are officially nonprofit. Steward’s problems may make it more difficult for other for-profits to enter the state.
Despite the losses at a couple of its hospitals, Quincy and Carney, Steward’s hospital business had a $41 million profit in 2014, said Brooke Thurston, a spokeswoman at Steward.