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:
Baptist Health South Florida Considers Affiliating With Bethesda Health
Casa Grande Regional Files for Bankruptcy, Signs Deal With Banner
Partners, Hallmark Health Nail Down Definitive Affiliation Agreement
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.