The hospital and health system signed a letter of intent in February to affiliate. Under the agreement, Montefiore will be the active parent and co-operator of WPH, according to documents submitted to the state. The health systems will also approve the appointment of WPH management-level employees (including the CEO, president, CMO and CFO), operating and capital budgets, certain operating policies and procedures, and certificate of need applications.
Additionally, Montefiore will approve hospital contracts for management and clinical services; settlements of administrative proceedings or litigation; and debt necessary to finance the cost of compliance with operational or physical plant standards.
WPH left Armonk, N.Y.-based Stellaris Health Network last summer. The four-hospital network disbanded so its members could pursue other strategic alternatives.
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