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Article: Take the money and run; Bon Secours Health System tries to cut its losses by clearing out of the Garden State altogether.
- Article from:
- Modern Healthcare
- Article date:
- February 14, 2005
- Author:
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Melanie Evans
In mid-January, St. Mary Hospital in Hoboken, N.J., became the latest of Bon Secours Health System's struggling operations to end up on the market.
The 401-bed hospital hemorrhaged $34.5 million in 2002 and 2003, so Bon Secours officials-already grappling with a failed New Jersey joint venture and the proposed sale of the company's two other New Jersey facilities-decided to pull out of the state entirely with the St. Mary deal.
Bon Secours, Marriottsville, Md., is scaling back in earnest after a burst of growth in 2000 that spread its operations across nine states-from Michigan to Florida to New York-and added eight ...