SUNY Downstate's Long Island College Hospital May Close Soon
New York Times report.
Last week, New York Comptroller Thomas DiNapoli released an audit that found SUNY Downstate will not have enough cash to cover all its expenses by this May. One of the major causes of SUNY Downstate's financial ruin, according to the audit, was the acquisition of LICH in May 2011. Under the purchase agreement, SUNY Downstate took on $170 million of LICH's liabilities, which the hospital has increasingly been unable to manage.
The SUNY board has reportedly "discussed the possibility of closing LICH" and will put the hospital's closure to a vote in "the near future," according to the report.
David Doyle, a SUNY spokesperson, told the New York Times that SUNY Downstate would have to submit an action plan to the state Health Department before the closing could occur.
More Articles on SUNY Downstate Medical Center:
© Copyright ASC COMMUNICATIONS 2014. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.
New From Becker's Hospital CFO