The P&S Journal: Spring 1998, Vol.18, No.2
P & S News
New York and Presbyterian Merge
New York Hospital and Presbyterian Hospital, two of the nation’s premier teaching hospitals, received final government approvals in January for a full-asset merger and formed a single entity known as New York and Presbyterian Hospital. It creates one of the largest and most comprehensive health-care facilities in the world and the largest in New York City, with 2,170 beds, 12,400 employees, and 1998 projections for $1.5 billion in revenues, 90,000 patient discharges, 900,000 ambulatory care visits, and 120,000 emergency visits.
Speaking about what this merger will mean for New Yorkers, Dr. David B. Skinner, vice chairman and CEO of New York and Presbyterian Hospital, said, “We are combining the best practices of our hospitals and creating a new entity that will further improve the quality of health care delivered to our patients, enhance the availability of our clinical services to an expanded patient population, and lower the cost of these services through improved efficiencies.”
Dr. William T. Speck, president and chief operating officer, described the merger as a “voyage of opportunity.” He said, “Presbyterian and New York Hospital chose to develop centers of excellence in different areas of medicine, so our coming together in a merger really does establish a completeness that’s unparalleled.”
Presbyterian has the nation’s largest heart transplant program, an NIH-designated comprehensive cancer center, and a Level 1 pediatric trauma center. New York Hospital has the country’s busiest burn center, a New York State-designated AIDS center, and a Level 1 adult trauma center. The merger makes New York and Presbyterian Hospital one of only three medical centers in the United States with both Level 1 adult and Level 1 pediatric trauma centers.
Four new centers of excellence are being developed at the merged hospital. Dr. Speck points out that this “probably would not have been possible without the merger.” They include a new $4 million gamma knife center for the treatment of brain tumors, a comprehensive liver transplant center, a lung-reduction surgery center for treatment of severe emphysema and bronchitis, and a comprehensive spine center.
The merged hospital will continue to have academic affiliations with two leading medical schools. New York Hospital has been the principal teaching hospital of Cornell Medical College, and Presbyterian Hospital has been the principal teaching hospital of Columbia’s College of Physicians & Surgeons.
The two renowned medical colleges remain separate corporate entities; however, their clinical faculties have combined to form a new physician organization known as Columbia-Cornell Care.
The merger formally establishes the New York and Presbyterian Hospital Care Network, which includes 29 hospitals and an additional 98 specialty institutions, long-term-care facilities, home health agencies, satellite primary care centers, physicians groups, and managed care entities. This network serves more than 20 percent of the New York City population and has gross revenues of approximately $4 billion.