Nurses Warn: Wall Street Targeting Hospitals for Profits
Cerberus Private Equity's Steward Health unit called "predatory"; Patient care down
"The cupboards are bare" – Steward Nurses Say
MNA nurses will be attending from Cerberus-Steward owned Carney Hospital, Good Samaritan Medical Center, Holy Family Hospital, Merrimack Valley Hospital, Morton Hospital, Norwood Hospital, Quincy Medical Center and St. Elizabeth's Medical Center
New York City - Hundreds of nurses and their supporters from across the U.S. will converge outside the offices of Cerberus Capital Management, 299 Park Avenue, on Tuesday, Dec. 20, at 12:30 p.m., to protest the practices of the multi-billion dollar private equity firm's health care unit, Steward Health Care System. Cerberus-Steward now operates 10 hospitals in Massachusetts, has partnered with a number of physician practices here, and is now entering the health insurance market as well. Cerberus-Steward has come under increasing criticism for cornering the market with predatory practices, undercutting patient care with its push for profits.
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The nurses -- from Massachusetts, and joined by RNs from NY, DC, CA, IL, PA and NV -- are members of National Nurses United, the largest union and professional association of registered nurses in the U.S., with 170,000 members. Nurses, allies and Occupy Wall Street protesters will speak at the rally, which will also feature theater and a 10-foot, three-headed dog, "Cerberus," the mythical canine at the Gates of Hell.
"As patient advocates on the frontlines, nurses are sounding the alarm about the entrance of cut-throat private equity firms, like Cerberus, into the health care marketplace," said Karen Higgins, RN and co-president, National Nurses United. "It is a development that spells danger for patients and communities across the country."
Cerberus owns an array of businesses, including the Freedom Group subsidiary – leading manufacturer of guns and ammunition. Last year it added the chain of hospitals to its portfolio.
Nurses who work at those hospitals say that Cerberus-Steward has failed to maintain quality patient care standards at the Massachusetts facilities in contravention of an agreement reached with the state and with its employees. The okay for the profit maker to take control of the non-profit facilities was tied to keeping patient care a top priority.