New York City-based Mount Sinai Health has proposed a July 12 closure date for its Beth Israel campus.
The news comes after the health system presented a plan Oct. 25 to state authorities on the closure of the 799-bed teaching hospital in downtown New York.
"We do not take this decision lightly, but due to the changing healthcare landscape and the unfortunate economic reality at MSBI, urgent action is required to preserve the health and vitality of the overall system," Mount Sinai said in a statement shared with Becker's.
The hospital is running at only 20% to 25% capacity and has incurred more than $1 billion in losses, with 2023 losses expected to be approximately $150 million, the hospital said.
Mount Sinai said it remains committed to other facilities it operates downtown, including a new $140 million behavioral health center. The proposed closure of Beth Israel will have no effect on other Mount Sinai system facilities, and employees are being offered alternative roles within the system, the statement said.
"We are focused on ensuring a seamless and transparent process for our patients and staff as we continue to provide the community and local leaders with updates as soon as they become available," the statement said. "In the meantime, MSBI and the emergency department remain fully open and accessible to the community."