Bankruptcy Court Clears Way For Montefiore Medical Center To Acquire Assets of Westchester Square
BRONX, N.Y., Jan. 24, 2013 /PRNewswire-USNewswire/ -- The Bankruptcy Court for the Southern District of New York today approved Montefiore Medical Center's bid to acquire the facilities of New York Westchester Square Medical Center (NYWSMC), a Bronx, N.Y., neighborhood hospital that has operated under Chapter 11 bankruptcy protection for nearly seven years.
"Montefiore has a longstanding commitment to its community. We want to provide vital healthcare services that are forward-thinking, coordinated and patient-centered, and in so doing, safeguard jobs and support local businesses," said Steven M. Safyer, M.D., President and Chief Executive Officer of Montefiore. "Our model is based on the belief that comprehensive and well-managed care improves patients' overall well-being."
The new facility will be renamed Montefiore Westchester Square. The plan is to have a full-service emergency department, an ambulatory surgery center and, over time, comprehensive primary and specialty care services.
Montefiore is committed to preserving as many jobs as possible and will begin working closely with NYWSMC's labor unions to identify qualified staff eligible for hire by Montefiore. "The physicians and staff at NYWSMC have maintained the highest level of professionalism at a time when the medical center was under financial stress and its future uncertain," Dr. Safyer said. "They have sustained the warm and caring environment that has characterized this institution for many years."
NYWSMC was founded in 1929. Approximately half of NYWSMC's physicians currently have privileges at Montefiore; others have the option of applying for privileges.
The transaction, which is subject to regulatory approval, is supported by $20 million in funding available under the state's Health Efficiency and Affordability Law. Closing is expected to take place in March.
About Montefiore Medical Center
As the University Hospital for Albert Einstein College of Medicine, Montefiore is a premier academic medical center nationally renowned for its clinical excellence, scientific discovery and commitment to its community. Recognized among the top hospitals nationally and regionally by U.S. News & World Report, Montefiore provides compassionate, patient- and family-centered care and educates the healthcare professionals of tomorrow. The Children's Hospital at Montefiore is consistently named in U.S. News' "America's Best Children's Hospitals," and is second among those in the New York metro area. With four hospitals, 1,491 beds and 90,000 annual admissions, Montefiore is an integrated health system seamlessly linked by advanced technology. State-of-the-art primary and specialty care is provided through a network of more than 130 locations across the region, including the largest school health program in the nation and a home health program. Montefiore's partnership with Einstein advances clinical and translational research to accelerate the pace at which new discoveries become the treatments and therapies that benefit patients. The medical center derives its inspiration for excellence from its patients and community, and continues to be on the frontlines of developing innovative approaches to care. For more information please visit www.montefiore.org and www.montekids.org. Follow us on Twitter; like us on Facebook; view us on YouTube.
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SOURCE Montefiore Medical Center