By this fall, a health system that brings together the operations of Mount Sinai Hospital and Continuum Health Partners could eclipse New York Presbyterian Hospital as the largest provider in the city aside from its public safety net system, New York City Health and Hospitals Corp.
The boards of Mount Sinai and Continuum, which includes Beth Israel Medical Center, voted to create Mount Sinai Health System in a transaction and expect to win regulatory approval in the next few months. The providers entered talks a year ago, abruptly ending negotiations between Continuum and NYU-Langone Medical Center.
Mount Sinai President and CEO Dr. Kenneth Davis will serve as president and CEO of the merged system. Continuum President and CEO Stanley Brezenoff plans to retire when the deal is done and serve as an adviser during the transition. Mount Sinai Board Chairman Peter May would assume that role over the new system.
Continuum's three hospitals—Beth Israel, St. Luke's Hospital and Roosevelt Hospital—bring in combined annual revenue of about $2.8 billion, according to the system's website. Mount Sinai's revenue for the year ended Dec. 31 was $1.8 billion, according to results reported to bondholders. The city's long-reigning Goliath, New York Presbyterian Hospital, reported $3.8 billion in revenue in 2012.