Sound Shore Medical Center Files for Bankruptcy in N.Y.
Sound Shore Medical Center of Westchester, an affiliate of New York College of Medicine serving patients in the New Rochelle area, filed for bankruptcy protection planning a sale to Montefiore Health System.
The company, with about 2,000 employees, listed assets of $159.6 million and debts of $200 million in papers filed yesterday in U.S. Bankruptcy Court in White Plains, New York.
“As is true with many community hospitals serving a working-class constituency, the medical centers have been beset by the financial pressures caused by cuts in Medicare and Medicaid funding, declining indigent pool payments, and changing demographics,” Chief Executive Officer John Spicer said in court papers.
Sound Shore said in a statement yesterday it will continue business as usual pending the sale to Bronx, New York-based Montefiore by the end of the year, subject to court approval.
The center was formed in 1997, when Mount Vernon Hospital, Sound Shore Medical Center, Dorothea Hopfer School of Nursing and Schaffer Extended Care Center affiliated to create one of the largest private health-care systems between New York City and Albany, according to the company.
The case is In re Sound Shore Medical Center of Westchester, 13-22840, U.S. Bankruptcy Court, Southern District of New York (White Plains).
To contact the reporter on this story: Phil Milford in Wilmington, Delaware, at email@example.com.