Mon­te­fiore to ac­quire Hud­son Val­ley hos­pi­tal

Modern Healthcare - - REGIONAL NEWS - —Me­lanie Evans

Mon­te­fiore Health Sys­tem will ac­quire St. Luke’s Cornwall Hos­pi­tal, a strug­gling fa­cil­ity in New York’s Hud­son Val­ley.

The deal will add St. Luke’s to Mon­te­fiore’s grow­ing health sys­tem. Mon­te­fiore, based in New York City, owns 10 hos­pi­tals, in­clud­ing a re­cently ac­quired hos­pi­tal in Westch­ester, N.Y.

St. Luke’s, which has cam­puses in Cornwall and New­burgh, N.Y., be­gan search­ing for a part­ner last year. The hos­pi­tal has re­ported op­er­at­ing losses and work­ing cap­i­tal de­fi­cien­cies since 2012, and that’s got­ten the hos­pi­tal into trou­ble with lenders. “These con­di­tions raise sub­stan­tial doubt about the hos­pi­tal’s abil­ity to con­tinue,” the hos­pi­tal’s au­di­tors said in De­cem­ber and in 2013.

The hos­pi­tal posted a 2014 op­er­at­ing loss of $7.4 mil­lion on rev­enue of $177.6 mil­lion. Com­bined with other losses, in­clud­ing those from in­vest­ments and pen­sions, the sys­tem’s net loss last year to­taled $21.5 mil­lion.

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