Trinity Health, N.Y. hospital try again on acquisition
Trinity Health struck a definitive agreement to acquire St. Joseph’s Hospital Health Center in Syracuse, N.Y. The health system previously negotiated with the hospital but failed to reach a deal. For Trinity Health, the acquisition would increase its share of a major market. St. Joseph’s, which would join dozens of hospitals that Livonia, Mich.-based Trinity operates across the U.S., would gain access to the national system’s capital.
Trinity became one of the nation’s largest systems after its merger with Catholic Health East two years ago.
Construction and electronic health-record investments strained St. Joseph’s already weak finances last year. It opened a new 72-bed tower in September and ended 2014 with an operating loss of $2.7 million on revenue of $579.6 million, in part because of $19.4 million in costs related to installation and training on its EHR system. St. Joseph’s ended 2013 with operating income of $20.5 million on revenue of $564.8 million.