Syracuse's Community General pursues merger with Upstate Medical
Community General Hospital in Syracuse, NY, lost money and patients last year, underscoring concerns about its ability to survive unless it is taken over by Upstate Medical University. Community lost about $2 million in 2010, the fifth consecutive year of operating losses, according to a report by Moody's Investor Services. The number of inpatients also dropped for the fourth year in a row, the report said. The hospital's deteriorating financial health prompted Moody's to downgrade Community's bond rating on Dec. 23 from B2 to Caa1. The nonprofit 306-bed hospital on Onondaga Hill has been in merger talks with Upstate since May. Upstate's goal is to have a purchase agreement in place by July 1. Without a takeover by Upstate, Community may not survive, said John McCabe, MD, CEO of Upstate University Hospital.
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