Exclusive | How a Private-Equity Payday Drained a Hospital Chain of Cash

In 2016, Steward Health Care System paid out a $790 million dividend—the lion’s share going to the hospital chain’s private-equity owner, Cerberus Capital Management.

That money could have come in handy when the Covid-19 pandemic hit in 2020, a year when Steward recorded a $408 million net loss.