Boards of Trustees of The Mount Sinai Medical Center and Continuum Health Partners Vote to Approve Memorandum of Understanding for Possible Merger

The next steps involve further due diligence by both parties and the development of a definitive agreement.

New York
 – February 28, 2013 /Press Release/  –– 

The Boards of Trustees of The Mount Sinai Medical Center and Continuum Health Partners have voted to approve a memorandum of understanding (MOU) for a possible merger.
 
The MOU outlines steps toward creating a new integrated health care system that combines operations of two entities. The next steps involve further due diligence by both parties and the development of a definitive agreement. The final agreement is subject to approval by the boards of both entities and necessary approvals by government authorities.
 
“Our goal as an integrated health care system is to provide exceptional medical care to New Yorkers,” said Kenneth L. Davis, MD, President and Chief Executive Officer of The Mount Sinai Medical Center. “The combination will create more economies of scale, increase efficiencies, and expand access to advanced primary and specialty care throughout this citywide network.”
 
Stanley Brezenoff, President and Chief Executive Officer of Continuum, said, “This collaboration makes available an extraordinary range of resources for the provision of compassionate, state-of-the-art care for patients. In joining with Mount Sinai, we will further enhance our ability to provide the full spectrum of outstanding care to the populations we serve.”

Dennis S. Charney, MD, Anne and Joel Ehrenkranz Dean of Icahn School of Medicine at Mount Sinai and Executive Vice President for Academic Affairs of The Mount Sinai Medical Center, sees the opportunity for increased research collaboration with physicians and scientists affiliated with Continuum, who would become part of the medical school’s academic faculty. “Mount Sinai has a legacy of groundbreaking clinical and translational research that has led to improved methods of diagnosing and treating human disease,” said Dr. Charney. “The synergy between Mount Sinai and Continuum would widen our research base and accelerate the pace of breakthrough treatments and protocols.”

The chairmen of both boards of trustees, Peter W. May for Mount Sinai and Steven Hochberg for Continuum, said they are pleased that their respective boards unanimously approved the MOU.

About The Mount Sinai Medical Center

The Mount Sinai Medical Center encompasses both The Mount Sinai Hospital and Icahn School of Medicine at Mount Sinai. Established in 1968, the Icahn School of Medicine is one of the leading medical schools in the United States, and is noted for innovation in education, biomedical research, clinical care delivery, and local and global community service. It has more than 3,400 faculty in 32 departments and 14 research institutes, and ranks among the top 20 medical schools both in National Institutes of Health (NIH) funding and by U.S. News & World Report.

The Mount Sinai Hospital, founded in 1852, is a 1,171-bed tertiary- and quaternary-care teaching facility and one of the nation's oldest, largest and most-respected voluntary hospitals. In 2012, U.S. News & World Report ranked The Mount Sinai Hospital 14th on its elite Honor Roll of the nation's top hospitals based on reputation, safety, and other patient-care factors.  Mount Sinai is one of 12 integrated academic medical centers whose medical school ranks among the top 20 in NIH funding and by  U.S. News & World Report and whose hospital is on the U.S. News & World Report Honor Roll.  Nearly 60,000 people were treated at Mount Sinai as inpatients last year, and approximately 560,000 outpatient visits took place.

For more information, visit http://www.mountsinai.org/.
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About Continuum Health Partners

Continuum Health Partners was created in January 1997 as the parent company for the partnership between four distinguished voluntary hospitals: Beth Israel Medical Center-Milton and Carroll Petrie Division, Beth Israel Brooklyn, St. Luke’s Hospital and Roosevelt Hospital.  Building upon the strength of these institutions, Continuum began the development of a broad-based, integrated health services network extending throughout the New York metropolitan region.  In 2000, New York Eye & Ear Infirmary, located on Second Avenue and 14th Street in Manhattan and the oldest specialty hospital in the Western Hemisphere, joined the Continuum family, broadening the influence of each member institution and the partnership as a whole. Today, Continuum delivers inpatient care in five hospital facilities in Manhattan and Brooklyn.  The Continuum network also encompasses ambulatory health centers and group and private practice settings throughout the New York metropolitan region. 

For more information, visit www.chpnyc.org
                                                               
Beth Israel Medical Center         
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Roosevelt Hospital         
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St. Luke's Hospital           
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