The CEOs of Yale-New Haven (Conn.) Hospital and St. Raphael Healthcare System in New Haven, Conn., received support for their proposed merger from the area's mayors and first selectmen in a meeting last week, according to a New Haven Register report.
Marna Borgstrom, CEO of Yale-New Haven Hospital, and Christopher O'Connor, president and CEO of St. Raphael Healthcare, painted the merger as an opportunity born from necessity. Mr. O'Connor revealed that credit advisors have been telling St. Raphael's "that independence wasn't an option," due to the system's $36 million deficit.
According to Mr. O'Connor, St. Raphael's considered a merger with other Catholic institutions such as St. Vincent's Hospital in Bridgeport, Conn., and Ascension Health in St. Louis but decided that a Yale-New Haven Hospital was the best choice. He called the proposed merger "a once in a lifetime opportunity" to address changes taking place in the industry while reducing costs and preserving the quality of care.
The council unanimously approved writing a letter of support for the merger, which still must undergo regulatory review.
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Marna Borgstrom, CEO of Yale-New Haven Hospital, and Christopher O'Connor, president and CEO of St. Raphael Healthcare, painted the merger as an opportunity born from necessity. Mr. O'Connor revealed that credit advisors have been telling St. Raphael's "that independence wasn't an option," due to the system's $36 million deficit.
According to Mr. O'Connor, St. Raphael's considered a merger with other Catholic institutions such as St. Vincent's Hospital in Bridgeport, Conn., and Ascension Health in St. Louis but decided that a Yale-New Haven Hospital was the best choice. He called the proposed merger "a once in a lifetime opportunity" to address changes taking place in the industry while reducing costs and preserving the quality of care.
The council unanimously approved writing a letter of support for the merger, which still must undergo regulatory review.
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