Many nurses made the trip to the Cerberus offices in New York to promote an “Occupy” type demonstration with discontent over many working and pension conditions since Steward, who is owned by Cerberus took over and purchased several hospitals in Massachusetts. One item in particular pointed out was the skimping on bread and juice used to stabilize patients at Norwood Hospital and Good Samaritan Hospital. There have been a greater number of private investments in healthcare and apparently it has become so large in number they had to create a “non profit” group to talk about how to “profit”…kind of an oxymoron? BD
How Big Are Private Equity Investments in Healthcare – Large Enough to Create a “Non-Profit” Trade Association To Talk About How to “Profit”
From the Website:
“Cerberus Capital Management, L.P., along with its affiliates, is one of the world's leading private investment firms. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus holds controlling or significant minority interests in companies around the world.
Cerberus is headquartered in New York City with affiliate and/or advisory offices in the United States, Europe, the Middle East and Asia.”
Janet DeMoranville is standing up against a private equity investment firm that now owns Morton Hospital, where she has worked for 13 years, saying the company is more concerned about profits than patients.
“They are just out to make money,” said DeMoranville, describing the motives of Cerberus, which has bought 10 hospitals in Massachusetts, including Morton, as part of Steward Health Care.
“They don’t care how they do it, or what cuts they have to make to get it. They have to realize that health care is not a money-making business. It’s a patient care industry. That’s what it needs to be about.”
DeMoranville was one of five Morton nurses who joined more than 100 other nurses from the Massachusetts Nurses Association (MNA) and hundreds from other states to protest Cerberus at the firm’s corporate headquarters in New York on Tuesday afternoon.
Representatives for the MNA singled out Steward and Cerberus for one issue, slamming them for skimping out on bread and juice used to stabilize patients at Norwood Hospital and Good Samaritan Hospital in Brockton. MNA spokesperson David Schildmeier said that is unacceptable for Cerberus, which bought Chrysler in 2007 before another company bought it last year and has become involved in the arms industry, said that this was ridiculous.
“When the owner of Chrysler can’t provide a loaf of bread to patients, that symbolizes something being very wrong,” Schildmeier said.