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Mt. Sinai Shows Interest in Buying St. Vincent's Hospital

By DNAinfo Staff on March 25, 2010 8:29am  | Updated on March 25, 2010 12:41pm

St. Vincent's Hospital plans to sell off two nursing homes and a hospice program in an attempt to fix its desperate financial situation.
St. Vincent's Hospital plans to sell off two nursing homes and a hospice program in an attempt to fix its desperate financial situation.
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Flickr/Cresny

By Nicole Breskin

DNAinfo Reporter/Producer

GREENWICH VILLAGE — Mount Sinai Medical Center has shown interest in partnering with the struggling St. Vincent's Hospital, according to the New York Times.

In the last two weeks, the financially desperate St. Vincent's has received visits from representatives of the Upper East Side hospital, stirring discussions that St. Vincents may soon be saved, the paper reported.

Mount Sinai's interest comes as St. Vincent’s Hospital makes plans to sell off two of its nursing homes and a hospice program in order to financially stabilize the cash-strapped facility.

The Greenwich Village-based Catholic hospital, which is currently in $700 million in debt, announced Wednesday that it had signed letters of intent to sell operations at the Bishop Mugavero Center for Geriatric Care and Holy Family Home, both in Brooklyn.

St. Vincent’s also announced it recently signed off on a deal to sell the Pax Christi Hospice, which includes at-home services and impatient hospital beds in the Village.

“In order to attract a partner and help maintain core acute care services on the West Side of Manhattan, Saint Vincent’s continues to take steps to improve its financial condition and reduce its debt,” said St. Vincent’s Chief Restructuring Officer Mark Toney.

“We are hopeful that our efforts will result in St. Vincent’s continuing its more than 160-year tradition of providing quality healthcare.”

St. Vincent’s officials would not reveal the names of potential buyers.

The letters of intent are non-binding and negotiations are still in progress, but the hospital said it was taking the next steps needed to finalize the deals.