r/medicine • u/STEMpsych • 3h ago
‘A massive betrayal’: Former Steward Health Care clinicians face financial ruin as insurer implodes
The Boston Globe, Oct 13: ‘A massive betrayal’: Former Steward Health Care clinicians face financial ruin as insurer implodes:
Dr. Peter Rees, a longtime primary care doctor in Haverhill, is 82. He’d hoped to be retired by now, spending more time with his wife, kids, and dozen grandchildren.
But he has a huge financial threat hanging over him: a malpractice lawsuit dating from when he worked for Steward Health Care.
The bankrupt hospital chain’s in-house malpractice insurer, TRACO, is effectively broke, leaving Rees with tens of thousands of dollars in legal fees and the possibility of a multimillion-dollar judgment that could cost him everything, including his home.
He is among the scores of former Steward doctors, nurses, and other clinicians who face the prospect of financial ruin over the implosion of TRACO, which was looted by Steward executives as the for-profit chain spiraled downward. Some medical workers are raiding savings and retirement accounts to pay for their own insurance; still others are holding the bag for hefty legal settlements TRACO had agreed to pay but failed to honor....
The rest is available at the above link behind a paywall, but happily you can read the whole thing where the good folks at the Boston Globe posted it in r/massachusetts, here: https://www.reddit.com/r/massachusetts/comments/1x4yj0m/comment/pgho9ia/ .