Rhode Island’s attorney general granted Steward Health Care System more time to close its deal to acquire Landmark Medical Center in Woonsocket. Boston-based Steward had requested that Attorney General Peter Kilmartin waive a 60-day deadline he set when approving the deal’s application in May. In a statement released July 30, Kilmartin said he had denied Steward’s request to waive the deadline but would extend it to Aug. 31. A spokesman for Steward did not respond to requests for comment. Steward announced plans in mid-2011 to acquire the financially troubled 133-bed hospital. The for-profit system later amended the assetpurchase agreement with new conditions that would allow the system to walk away from the deal. One condition—that lawmakers pass legislation amending the state Hospital Conversions Act—was met in June. The law was changed to allow for-profit systems to acquire more than one hospital in Rhode Island every three years (June 25, p. 6). Other conditions include a memorandum of understanding to “align” Landmark with Thundermist Health Center and the removal of restrictions that prevented Steward from reducing staff and clinical services. The attorney general opposed the addition of the new conditions.
Landmark Medical Center