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Montefiore to Add White Plains Hospital

Montefiore Health System in Bronx, N.Y., and White Plains (N.Y.) Hospital have signed a letter of intent to affiliate.

Financial terms of the deal were not disclosed. White Plains, which had total net assets of $69.2 million and posted a $7.2 million operating profit in fiscal year 2012, left Stellaris Health Network last summer. The Armonk, N.Y.-based Stellaris, which included four hospitals, disbanded so member hospitals could pursue other strategic alternatives.

If the affiliation is approved, Montefiore would extend its market presence in an area where a competitor, Manhattan-based NewYork-Presbyterian, already has a hospital — NewYork-Presbyterian/Westchester Division.

Montefiore grew by two hospitals this past November after it acquired the bankrupt Sound Shore Health System, based in New Rochelle, N.Y. Montefiore, which has six hospitals totaling 2,059 beds, bought Sound Shore for roughly $60 million.

Executives expect a definitive affiliation agreement will be signed within "several months."

More Articles on Hospital Transactions:
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Partners, Hallmark Health Nail Down Definitive Affiliation Agreement

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