In April 2024, medical staff testified before Louisiana’s House Health and Welfare Committee about just how bad things had gotten at the Glenwood Regional Medical Center.

The West Monroe hospital had been under fire from the state Health Department over lapses in patient care that seemed to be escalating. The hospital had stopped paying bills for oxygen supplies, the blood bank, and repairs to the elevators that take patients up to surgery.

Former Glenwood nurse Debra Russell testified that there wasn’t a cardiologist available when a man suffered a heart attack or a $5 piece of equipment she needed for a routine procedure.

“You would send a nurse to go get it,” Russell said. “And she would come back and say, ‘Oh, Miss Debra, I don’t have any.’ I said, ‘Go to another unit.’...‘We don’t have one.’”

Glenwood was run by Steward Health Care, at the time one of the country’s largest for-profit health care operators. But its building was owned by Medical Properties Trust—a real estate company based in Birmingham, Alabama, that charged Glenwood monthly rent.

State Rep. Michael Echols, a Republican whose district includes Glenwood, had been flooded with concerns from community members. Echols had begun to wonder whether the high rent to MPT was fueling Glenwood’s financial crisis. He struggled to get real answers.

Glenwood is just one of nearly 400 health care facilities owned by MPT and rented out to hospital chains. Nine companies that leased hospitals from MPT have gone bankrupt—including Steward, Glenwood’s former operator. And while dozens of hospitals have been sold, entangled in bankruptcy proceedings, or become depleted shells, MPT’s top brass has earned millions.

This week on Reveal, Mother Jones reporter Hannah Levintova and Reveal producer Ashley Cleek dig into MPT—its history, its business model, and how treating hospitals like financial assets leaves them gutted.

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