St. Vincent Catholic Medical Centers, New York, said it will close St. Joseph's Hospital in Queens as part of an initiative to improve the system's cash flow from operations by $150 million. The eight-hospital system said it ended 2003 with a $68 million operating loss, largely from acute-care hospitals, and cannot afford to invest the $40 million over five years necessary to keep St. Joseph's competitive. The system also said it is evaluating interest from several outside hospital systems in acquiring St. Mary's Hospital in Brooklyn and is continuing with the previously announced closure of Bayley Seton Hospital, Staten Island. The turnaround plan also calls for strengthening services and developing centers of excellence at the system's Mary Immaculate Hospital and St. John's Queens Hospital. A spokesman said the system would spend $288 million on capital projects over the next three years. Earlier this month, St. Vincent named turnaround specialist David Speltz as its chief executive officer and Tim Weis, Speltz's partner, as its chief financial officer. -- by Julie Piotrowski
N.Y. system announces second hospital closure
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