A healthcare think tank has placed Steward Health Care's former CEO at the top of its latest list of what it describes as perpetrators of the most egregious examples of profiteering and dysfunction in healthcare. Dr. Ralph de la Torre is number one on the Lown Institute's Shkreli Awards issued this week, named for Martin Shkreli, a former hedge fund manager of a biopharmaceutical company sentenced to seven years in federal prison for defrauding investors and engaging in a stock fraud scheme.

Dr. de la Torre resigned as Steward CEO after the hospital system filed for bankruptcy last year, leading to the sale of two hospitals in Trumbull County and the closure of Sharon Regional Hospital.

In placing de la Torre at number one on Lown's ten-worst list, a panel of health policy experts, clinicians, journalists, and advocates allege that he "orchestrated a dramatic healthcare debacle by prioritizing private equity profits over patient care."

Dubbing de la Torre as "Wreck-it Ralph," the institute cites a Boston Globe article claiming Steward's expansion and subsequent fall into bankruptcy was fueled by debt and sale-leaseback schemes, leaving hospitals gutted, employees laid off, and communities underserved, while de la Torre reportedly walked away with more than $250 million over the last four years.

Asked to testify before a Senate committee about the hospital system's failure, de la Torre refused and was held in contempt of Congress.

"This is a cautionary tale for anyone who thinks the 'efficiency' of capitalist healthcare is a good thing," said Jeanne Lenzer, one of the judges who helped compile the latest Shkreli Awards.

"Apparently it pays well to 'steward' patients and a system through the gates of hell," said another judge, Adam Elshaug.

"It's a surprise to no one that healthcare dominates headlines for all the wrong reasons," said Vikas Saini, MD, president of the Lown Institute. "The Shkreli Awards serve as a stark reminder of what happens when profiteering outweighs the public good. By shining a light on these unethical practices, we're challenging industry leaders and policymakers to do better."

The complete 2024 Lown Awards can be seen by following this link.