Posted by Saint Vincent’s Hospital is getting some help from the state to deal with its financial crisis.
NY1 has confirmed that Governor David Paterson is authorizing $6 million for the cash-strapped hospital to help it make payroll.
The funds will come out of a hospital restructuring program supervised by the state.
The governor will meet with the hospital’s board, elected officials, and lenders tomorrow to discuss possible ways the hospital can restructure.
Continuum Health Partners has submitted a proposal to take over the hospital and convert it to a community health center. The plan includes eliminating inpatient care and surgical services, and scaling back emergency services.
Saint Vincent’s is $700 million in debt.
Source: NY1
