Rep Michael Echols (R)
A judge was expected to certify the transfer and bankruptcy proceedings of Steward Health Care, the operator of West Monroe’s Glenwood Regional Medical Center, today but it’s been pushed to August 13th. Because the actual property is owned by Medical Properties Trust, Monroe Representative Michael Echols said American Healthcare Systems should be buying the asset, not the operator.
“The asset is really what they need to be able to control to operate the facility and Medical Properties Trust has set up schemes over the years with Steward and other groups to facilitate these basic Ponzi schemes,” said Echols.
Echols said he doesn’t believe American Healthcare Systems’ bid of a half-million to purchase the operator is the best option for Glenwood.
“While it may come in and put a Band-Aid on the hemorrhage, I think the long-term solution is to try to get the asset back in the hands of the locals and let them find a credible operator,” said Echols.
Echols said there needs to be fail safes in place to avoid disruption in care for medical facilities in Louisiana.
“I’ll be introducing legislation next year to try to make sure that there’s additional oversite from the Attorney General when a REIT or a Ponzi facilitating company like Medical Properties Trust, comes to light,” said Echols.
Since being forced by the Louisiana Department of Health to reduce patient load because of Steward’s financial problems, hospitals in Monroe have had to carry the additional load.
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