Mount Sinai Health System and Holy Name Medical Center—a 361-bed hospital in Teaneck, N.J.—have inked an affiliation agreement.
They will focus on coordinating oncology and cardiology service lines, the institutions said, as well as on genetic research, physician development and recruitment, and potentially graduate medical education.
The affiliation gives Mount Sinai a foothold in New Jersey. "We recognize that the academic medical centers in Manhattan are the nexus for patients coming from the tristate area," said Dr. Arthur Klein, president of the Mount Sinai Health Network. "We always knew that New Jersey was important to us because patients from New Jersey have historically sought health care in Manhattan."
No money has been exchanged yet, according to leaders from both institutions, and there are no plans for a merger.
For Holy Name, initial interest in graduate medical education "led to discussions about how Holy Name could differentiate itself in the marketplace through strategic planning and resources that Mount Sinai can bring to the table," Klein said.
Mount Sinai's focus on payment models based on quality of care versus quantity was of particular interest to Holy Name, Klein added.
In order to improve access to health care and lower costs, "we've got to take a whole different approach," said Michael Maron, president and CEO of Holy Name Medical Center. "This is an agreement to cooperate, work with each other and improve the value of care in the community."
Mount Sinai Health System includes eight hospitals, the Icahn School of Medicine, nearly 7,500 primary and specialty care physicians, 11 joint-venture ambulatory surgery centers and more than 400 ambulatory practices throughout the five boroughs, Westchester, Long Island and Florida. Holy Name has off-site locations throughout Bergen County.
"We have deep respect for local care and want to be able to help institutions provide that in the most effective and highest-quality way," Klein said.
"Mount Sinai, Holy Name form interstate affiliation" originally appeared in Crain's New York Business.
