New York City's New Behemoth: Mount Sinai, Continuum Close Merger Deal
The Mount Sinai Medical Center and Continuum Health Partners, both based in New York City, have completed their merger and formed a new integrated health system called the Mount Sinai Health System.
Mount Sinai Health System, comprised of seven hospital campuses and the Icahn School of Medicine at Mount Sinai, is the largest private health system in New York City. The New York City Health and Hospitals Corp. holds the title as the largest overall health system in the city.
Financial terms of the deal were not disclosed. Mount Sinai and Continuum signed a definitive merger agreement in July and initiated formal merger talks in February. Continuum had planned to merge with NYU Langone Medical Center, also in New York City, but talks broke down after Mount Sinai made a competing offer.
Mount Sinai Health System has more than 3,500 certified, licensed beds, 138 operating rooms, 12 freestanding ambulatory surgery centers, 6,600 physicians and 35,000 employees. Icahn School of Medicine will be the lone affiliated medical school for the system.
"The new, integrated health care system…will improve quality outcomes, increase efficiencies and create economies of scale by expanding access to primary and specialty care across a citywide network," said Kenneth Davis, MD, president and CEO of the Mount Sinai Health System, in a news release. Dr. Davis has been president and CEO of The Mount Sinai Medical Center since 2003.
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Market Matters: How Major Hospital Mergers Have Avoided Antitrust Issues
Dartmouth-Hitchcock, Cheshire Medical Center Explore "Closer Affiliation"
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