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Montefiore Health System acquires second hospital in 1 month

Newburgh, N.Y.-based St. Luke's Cornwall Hospital finalized plans to join Bronx, N.Y.-based Montefiore Health System Jan. 31. The hospital marks the second institution to join Montefiore within the past month, according to the Times Herald-Record.

Here are three things to know about the combination.

1. The New York State Health Commissioner approved the organizations' proposed partnership Jan. 31. Under the agreement, Montefiore Health System will become the parent organization and co-operator of St. Luke's. The NYSHC's decision represented the final approval necessary to complete the combination.

2. St. Luke's and Montefiore Health System announced their intent to partner in January 2016. Prior to their partnership announcement, the organizations engaged in a "passive parent" relationship, under which St. Luke's retained control of its finances and services, and Montefiore Health System maintained representation on the hospital's board, according to the Times Herald-Record.

3. The partnership marks Montefiore Health System's second partnership deal during the month of January. The 11-hospital system and Middletown, N.Y.-based Crystal Run Healthcare finalized their proposed merger Jan. 4, the Times Herald-Record reports.

More articles on transactions and valuations:
Quorum Health to divest 77-bed Georgia hospital
CHS to divest 85-bed Tennessee hospital to Rennova Health
Wellmont, MSHA receive final approval to merge

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