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September 30, 2013 12:00 AM

Continuum, Mount Sinai complete merger in N.Y.

Melanie Evans
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    Continuum Health Partners and Mount Sinai Medical Center closed on a merger deal that consolidates two of New York City's largest hospitals.

    Continuum brings the 812-bed Beth Israel Medical Center to the deal, along with St. Luke's Hospital and Roosevelt Hospital, which have a combined 711 beds, and the 32-bed New York Eye and Ear Infirmary. Mount Sinai Medical Center brings to the deal the 1,031-bed Mount Sinai Hospital and the Icahn School of Medicine. The new system has been named Mount Sinai Health System.

    The deal is one of many recently announced or closed healthcare mergers and acquisitions, some that have paired up players that more frequently have been at odds, such as insurers and hospitals. Dealmakers say the consolidation is in response to policy and market forces that have increased pressure on providers to deliver lower-cost care. But the activity also has raised concerns that the merged organizations' market clout could drive up prices.

    Bigger is better as hospitals and doctors take on more financial risk under contracts that offer more incentives for quality and efficiency, said Dr. Kenneth Davis, the president and CEO of the new organization and who previously headed Mount Sinai Medical Center. “We believe the future of medicine is in large, integrated health systems that have the ability to manage population health and to take risk,” he said.

    More change is coming now that the deal has closed. The larger system combines the two partners' ambulatory networks and seven hospital campuses. Davis said the organization will consolidate or relocate various services across the new system and merge the administrative and billing operations during the next year. The new system has no insurance arm, but officials are considering whether to add that, he said.

    The scope of the integration work is significant and potentially risky, Moody's Investors Service said in August when the deal was announced. The ratings agency estimated Continuum's annual revenue to be on par with that of Mount Sinai Health System's $3 billion in revenue. “This intended combination, if executed could enhance the scale and strategic position of the combined system tempered by the enormity of structural and cultural integration,” Moody's analysts said in August.

    The system also includes a Medicare accountable care organization with about 24,000 enrollees that finished its first year in June.

    Follow Melanie Evans on Twitter: @MHmevans

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      • HLTH 2024
      • Sponsored Content: Vital Signs Blog
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      • From the Editor
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        • Nominate/Eligibility
        • 100 Most Influential People
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        • Diversity Leaders
        • Leading Women
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      • Conferences
        • The 2030 Playbook Conference
        • Innovations in Patient Experience
        • Leading Women Conference & Awards Luncheon
        • Leadership Summit
        • Workforce Summit
      • Galas
        • Best Places to Work Awards Gala
        • Diversity Leaders Gala
      • Virtual Briefings
        • - Looking Ahead to 2025
        • - Financial Growth
        • - Hospital of the Future
        • - Value Based Care
        • - Looking Ahead to 2026
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
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      • Sponsored Video Series - Checking In with Dan Peres
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