State OKs Montefiore Medical Center's Purchase of Bankrupt Sound Shore System
The New York State Department of Health has approved New York City-based Montefiore Medical Center's certificate of need to purchase Sound Shore Health System, based in New Rochelle, N.Y., according to a Journal News report.
Montefiore will buy Sound Shore, which filed for Chapter 11 bankruptcy in May, for about $60 million. The same day Sound Shore filed for bankruptcy, Montefiore stated its intent to purchase all assets of the troubled system, which includes 252-bed Sound Shore Medical Center in New Rochelle, N.Y., and 196-bed Mount Vernon (N.Y.) Hospital.
In a statement, Montefiore officials said the plan is to take over possession of the assets Nov. 1.
"We see this as a unique opportunity to expand in Westchester and to provide the local community easy access to exceptional coordinated care," according to the statement. "Montefiore’s approach in New Rochelle and Mount Vernon will be targeted and localized — offering services where, when and how patients need it most in each community."
More Articles on Hospital Transactions:
Moody's: 5 Key For-Profit Hospital Consolidation Trends
CHE Trinity Health, St. Joseph's Hospital Call Off Affiliation
6 Recent Hospital Transactions and Partnerships
© Copyright ASC COMMUNICATIONS 2015. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
New from Becker's Hospital Review