Albany (N.Y.) Medical Center's acquisition of Saratoga Springs, N.Y.-based Saratoga Hospital has reached its final steps in the transaction process and is awaiting state approval, according to the Albany Business Review.
If approved, the medical center will serve as the "active parent and co-operator" of Saratoga Hospital, with full authority over the hospital's strategic planning, budgets, physician contracts and potential leadership changes, according to the article.
The agreement also stipulates that both hospitals will place representatives on the other's hospital board.
A New York department of health committee will assess the merger application on Sept. 22. The public health and health planning council will review the application on Oct. 6.