NEW HAVEN, Conn. (AP) — Yale-New Haven Hospital is acquiring the Hospital of Saint Raphael, making it one of the largest hospitals in the country.
Yale-New Haven will add 511 beds for a total of 1,519 beds and more than 12,000 employees. The hospitals tried to minimize job losses by keeping vacant positions open, but about 200 positions will be eliminated, officials said.
The $160 million deal, which has received regulatory approval, will provide Yale-New Haven with the additional capacity it needs to meet current patient demand while providing financial stability at the Hospital of Saint Raphael campus, officials said.
"We're thrilled to be at this point," said Marna Borgstrom, chief executive of Yale-New Haven. "It's been a long time planning."
Hospital officials, who plan to sign the closing documents Tuesday, say Saint Raphael's Catholic heritage will continue, with procedures such as abortion not performed at its campus. An oversight committee will ensure that Catholic teachings are upheld at the campus, officials said.
"We are creating an opportunity to be an institution that has financial stability, that will be investing in our people and our facilities and better positioned to deal with the changing landscape in health care going forward," said Christopher O'Connor, Saint Raphael's president and chief executive. "I am extraordinarily optimistic that this is the right thing to do for this entity at this time."
Yale-New Haven plans to invest more than $100 million in the Saint Raphael's campus, including renovating a patient care unit and providing high-tech equipment, he said.
Saint Raphael's had several years of financial difficulty. Under the deal, Yale-New Haven will pay off its debt of about $75 million, O'Connor said.
The deal means Yale-New Haven won't have to build a $650 million patient tower, officials said. It also avoids duplicating expensive high-tech services and tests, Borgstrom said.
O'Connor acknowledged it was the end of an era for St. Raphael's, which opened in 1907.
"That's the sadness," O'Connor said. "It means a tremendous amount to this community. However, now is the time to look forward."
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