Holy Cross Hospital, Chicago, has officially joined the two-hospital Sinai Health System in Chicago, according to a news release.
Holy Cross will retain its Catholic ties and continue to comply with the Roman Catholic Church's ethical and religious directives. Officials signed a letter of intent in October. Sinai will pay Sisters of St. Casimir, Holy Cross' religious sponsor, an annual stewardship fee of $300,000, according to documents (PDF)
filed with the Illinois Health Facilities and Services Review Board. For-profit Vanguard Health System, Nashville, three years ago backed away from an $18.7 million deal (PDF)
to buy Holy Cross. Sinai is affiliated with the Jewish United Fund/Jewish Federation of Metropolitan Chicago.
From 2009 to 2011, net patient revenue at Holy Cross has fallen by $9.4 million, from $101.2 million in 2009 to $91.8 million in 2011, according to documents filed with the state board. Sinai's net patient revenue increased in 2009 to 2010 by $4.9 million rising from $288.6 million to $293.5 million. But net patient revenue fell from 2010 to 2011 by $3.7 million.
Local Catholic officials struggled in searching a buyer for the 160-bed safety net facility on the city's southwest side. They said closing the hospital remained an option if Holy Cross officials failed to secure a buyer, but worried that nearby hospitals wouldn't be able to handle the influx of patients necessitated by a Holy Cross closure. No safety net service will be affected by the move, according to documents filed with Illinois officials. However, Sinai staff will continue to evaluate services and the possibility of reducing personnel, beds and services exists.