St. Luke's Cornwall Hospital in New York has joined the Montefiore Health System in a merger expected to strengthen specialty care in New York's Hudson Valley, the system announced on Monday.
Montefiore in the Bronx will become the parent organization of St. Luke's. The deal reportedly involved no financial arrangements.
St. Luke's will continue to control its own finances and services for the immediate future, in a passive-parent relationship with Montefiore, according to a statement from St. Luke's.
The struggling St. Luke's embarked on the search for a strategic partner in early 2014, saying it wanted to enhance services and prepare the organization for the anticipated changes in healthcare delivery.
The announcement comes after months of discussions between the two systems.
The partnership has been approved by both boards and is pending regulatory approval by the Federal Trade Commission.
St. Luke's Cornwall Hospital is a not-for-profit community hospital with campuses in Newburgh and Cornwall, New York.
"Our neighbors will continue to receive the same great care from the same dedicated doctors, nurses and staff, only with greater access to specialty care, expanding our ability to do more for them," said Joan Cusack-McGuirk, interim president and CEO of St. Luke's.
Montefiore is an academic health system and the University Hospital for Albert Einstein College of Medicine.
"The partnership brings the best of academic medicine and will strengthen the coordination of care," said Dr. Steven M. Safyer, president and CEO of Montefiore Health System.