The board of directors of Community General Hospital in Syracuse, N.Y., has accepted an acquisition proposal from Syracuse, N.Y.-based Upstate Medical University, according to a Post-Standard report.
The acquisition will allow Upstate to expand its schools' enrollment and training sites while saving Community from possible financial failure. Community has about $9.1 million in debt.
Upstate plans to file a certificate of need application to buy some of Community's assets and assume some of its liabilities by mid-March.
Read the Post-Standard report on the Community General Hospital-Upstate Medical University acquisition.
Read more coverage on Upstate Medical University:
- New York's Upstate University Hospital Could Take Over Community General by July
- New York's Upstate Medical University to Explore Acquisition of Community General Hospital
- 60 Physician Leaders of Hospitals and Health Systems
The acquisition will allow Upstate to expand its schools' enrollment and training sites while saving Community from possible financial failure. Community has about $9.1 million in debt.
Upstate plans to file a certificate of need application to buy some of Community's assets and assume some of its liabilities by mid-March.
Read the Post-Standard report on the Community General Hospital-Upstate Medical University acquisition.
Read more coverage on Upstate Medical University:
- New York's Upstate University Hospital Could Take Over Community General by July
- New York's Upstate Medical University to Explore Acquisition of Community General Hospital
- 60 Physician Leaders of Hospitals and Health Systems