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<\/p>\nMontefiore Health System is looking to add another New York system to the organization.<\/p>\n
Montefiore Health System is in talks with Garnet Health about acquiring the system and its three hospitals. <\/p>\n
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Montefiore and Garnet Health have signed a letter of intent to explore an affiliation. The two organizations announced the plans last week.<\/p>\n
Regulators need to approve the transaction. Montefiore and Garnet Health are hoping to complete due diligence and sign a definitive agreement by the end of 2025.<\/p>\n
An academic health system, Montefiore operates 10 hospitals and more than 200 outpatient care sites. If the deal is finalized, Montefiore’s footprint would grow to 13 hospitals.<\/p>\n
Garnet is based in Middletown, N.Y., about 60 miles northwest of New York City. Garnet operates three hospitals with a total of 552 beds, along with clinics and outpatient facilities. The system serves \u200b\u200b500,000 residents in Orange, Sullivan and Ulster Counties.<\/p>\n
Jonathan Schiller, president and CEO of Garnet Health, said merging with Montefiore would lead to better healthcare services and \u201creflects our continued commitment to ensuring the long-term strength and sustainability of healthcare in our region.\u201d<\/p>\n
\u201cJoining Montefiore Health System will enable us to bring expanded resources and clinical capabilities to our patients while preserving the community-focused care that has defined Garnet Health for generations,\u201d Schiller said in a statement.<\/p>\n
In June, Garnet announced that it was laying off 42 staff, citing the difficult financial climate. At the time of the staff cuts, Garnet said it was committed to a path toward a stable financial future.<\/p>\n
Garnet has more than 4,000 employees and 850 medical staff members.<\/p>\n
Dr. Phillip O. Ozuah, president and CEO of Montefiore Einstein, said he\u2019s enthusiastic about the partnership with Garnet Health.<\/p>\n
\u201cMontefiore Health System knows what it takes to deliver excellent care at a community level while offering access to world-class, academic medical expertise,\u201d Ozuah said in a statement. \u201cWe look forward to the opportunity to welcome Garnet Health into the Montefiore family. Together, we share a deep commitment to local healthcare access, clinical excellence, and community care.\u201d<\/p>\n
New York has seen a number of hospital deals in the past two years.<\/p>\n
The Westchester Medical Center Health Network<\/a> and Bon Secours Mercy Health announced last month that they are ending a decade-long joint venture in the operation of the three hospitals.<\/p>\n Westchester is now assuming full ownership of the three hospitals in New York\u2019s Hudson Valley: Good Samaritan Hospital in Suffern, N.Y.; Bon Secours Community Hospital in Port Jervis, N.Y., and St. Anthony Community Hospital in Warwick, N.Y.<\/p>\n