Another Setback for Cash-Strapped St. Vincent's

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    NEWSLETTERS

    St. Vincent's Hospital may soon be condos.

    In what sources call a "big setback," the board of directors at Mount Sinai Medical Center has voted not to merge with St. Vincent's Hospital.

    Mt. Sinai's potential involvement was seen by some as the best chance to save the ailing Greenwich Village facility.

    St. Vincent's has been losing millions of dollars a month --it's currently $700 million in debt -- and has recently downsized to stay afloat. A final decision is expected later today, but those in favor of a possible partnering felt that Mount Sinai might be able to lend some of its prestige -- and its bargaining power -- to the cash-strapped hospital.

    "The decision by Mount Sinai's board to not partner with St. Vincent’s Medical Center is a disappointing setback but by no means the end of our efforts. We will not stop fighting for emergency medical services and other vital health care services on the West Side of Manhattan," City Council Speaker Christine Quinn said.
     
    Earlier this year, Continuum Health Partners expressed interest in partnering up with the hospital. But its plan to shut St. Vincent's emergency room and inpatient units triggered opposition.

    Gov. David Paterson said he doesn't see any partner for the beleaguered hospital, but the state would continue to work with St. Vincent's "until every viable avenue is exhausted."