St. Vincent's Survival Strategy: Sell, Sell, Sell?

Hospital Reportedly Selling Off Related Businesses

By Jeremy Boxerbaum
|  Friday, Mar 5, 2010  |  Updated 9:00 AM EDT
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St. Vincent's Survival Strategy: Sell, Sell, Sell?

St. Vincent's Hospital is trying to survive.

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It's apparently "Let's Make a Deal" time at St. Vincent's Medical Center in Greenwich Village.

The hospital is selling off some of its other businesses in an effort to survive its financial troubles, according to The New York Post.
   
The paper says St. Vincent's is selling off its Westchester psychiatric facility, its home health agency and its nursing programs to a buyer (or buyers) that has yet to be named publicly.
   
The sales are expected to reduce St. Vincent's overall operating experiences and its estimated $700 million debt.
   
Sources told the Post that the businesses and facilities St. Vincent's is selling will remain in operation after the sale, just under new ownership.
   
St. Vincent's has been in dire financial straits for some time.
   
Earlier this year, it needed an emergency loan from Albany just to make its payroll.
   
It has also laid off dozens of employees and forced others to take pay cuts of up to 25%.
   
St. Vincent's has Manhattan's only Level One trauma center south of Midtown.
   
For many years, it has also provided HIV treatment and prevention programs and AIDS education to the community.
   
Those are some of the reasons City Council Speaker Christine Quinn and  other community leaders are fighting hard to make sure it stays open.

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