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Historic Merger Approved for Presbyterian Hospital n an historic move that will reshape the health-care landscape in the New York region, The New York Hospital and The Presbyterian Hospital, two of the nation's premier academic hospitals, announced Jan. 11 that they have received final government approvals for a full-asset merger, and have formed a single entity known as The New York and Presbyterian Hospital.
This is the first full-asset merger of two world-class academic hospitals. 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-pavilion visits. Rudolph Giuliani, Mayor of the City of New York, said: "A century ago the City of New York was created by the merger of five great boroughs into one world-class city. "Today, two world-class hospitals are merging to form the largest and most comprehensive health-care institution in the City, and one of the largest and best medical centers anywhere." Giuliani continued: "Both The New York Hospital and The Presbyterian Hospital are dynamic symbols of New York City's leadership in patient care, research and medical training. As The New York and Presbyterian Hospital, each will be able to share in the other's expertise and treatment technologies. This will mean better care and lower costs for patients. "This important merger represents the adaptation of top-flight medical facilities to the new demands of the medical marketplace, and the continued leadership of New York City in the world of medicine. My warmest congratulations to all." Speaking about what this merger will mean for New Yorkers, David B. Skinner, vice chairman and CEO of The 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." 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."
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