The boards of trustees of The Mount Sinai Medical Center and Continuum Health Partners have voted unanimously to approve a memorandum of understanding for a possible merger.
The memorandum outlines steps toward creating a new integrated healthcare system that combines operations of the two New York City-based entities.
“Our goal as an integrated healthcare system is to provide exceptional medical care to New Yorkers,” Kenneth L. Davis, MD, president and CEO of Mount Sinai, said in a news release. “The combination will create more economies of scale, increase efficiencies and expand access to advanced primary and specialty care throughout this citywide network.”
The next steps involve additional exploration by both parties and the development of a definitive agreement. The final agreement is subject to approval by both boards and necessary approvals by government authorities.
“This collaboration makes available an extraordinary range of resources for the provision of compassionate, state-of-the-art care for patients,” Stanley Brezenoff, president and CEO of Continuum, said in the release. “In joining with Mount Sinai, we will further enhance our ability to provide the full spectrum of outstanding care to the populations we serve.”
According to the release, physicians and scientists affiliated with Continuum would join the academic faculty of Icahn School of Medicine at Mount Sinais academic faculty.
“The synergy between Mount Sinai and Continuum would widen our research base and accelerate the pace of breakthrough treatments and protocols,” Dennis S. Charney, MD, dean of Mount Sinais school of medicine and professor, said in the release.