Steward Health Care has completed acquisition of New England Sinai in Stoughton, the hospital system announced Tuesday.
Steward promised to invest $34 million in the hospital, which will convert from a nonprofit to a for-profit. That figure includes $13 million for hospital buildings, equipment, and technology. The group has also promised $10 million for the hospital’s pension payments.
“The clinical integration that our physicians and hospitals will create with New England Sinai will be a significant benefit to our patients,” Dr. Ralph de la Torre, chief executive of Steward, said in a press release.
New England Sinai employees will be hired by Steward at their current pay rates, according to the release. The hospital will retain its own board.
“Joining Steward gives us the opportunity to position New England Sinai for the future of health care,” New England Sinai Chief Executive Judy Waterston said. “The resources and expertise that Steward provides will benefit our employees, staff, the Stoughton community, and most importantly our patients.”
New England Sinai is a 212-bed post-acute, or rehab, facility. It is the 11th hospital added to the Steward group, which has plans pending to purchase Mercy Health System of Maine and Landmark Medical Center in Rhode Island.