Former Our Lady of Mercy Medical Center Assets Acquired

Move Enhances Delivery of High Quality, Compassionate Healthcare to Community As Care and Services Continue

Steven M. Safyer, MD, President & CEO of Montefiore Medical Center, unveils the new main entance sign at the Montefiore North Division as the Montefiore executive team applauds: (l-r) Elaine Brennan, RN, Senior Vice President, Operations; Richard T. Celiberti, Senior Vice President, Network Development and former President and CEO of Our Lady of Mercy Medical Center; and Robert Conaty, Executive Vice President, Operations.

New York City, NY (July 23, 2008) -- Montefiore Medical Center, one of New York City's largest healthcare systems, today announced it has completed its acquisition of most of the assets of Our Lady of Mercy Medical Center (OLM). As a result of this acquisition, the former OLM becomes the North Division of Montefiore Medical Center.

The acquisition makes Montefiore a 1,491-bed academic medical center employing more than 16,000 associates serving the two million residents of the Bronx and Westchester County. There are no immediate plans for service changes and patient care will continue uninterrupted.

"We are enhancing the availability of high-quality, innovative healthcare and vital services in the Bronx and providing resources for our patients and the communities we serve," said Steven M. Safyer, MD, President and CEO, Montefiore Medical Center.

"This preserves a location for healthcare delivery that the surrounding community has relied on for many years," said Dr. Safyer.

Local residents now will have access to an even greater number of healthcare services in many more Montefiore locations throughout the Bronx and nearby Westchester.

"This is great news for the community," said Congressman Charles B. Rangel, Chairman, House Ways and Means Committee. "At a time when people are increasingly worried about their healthcare options, local residents can rest assured that they are not just keeping services close to home, but are also getting the additional resources and management team of Montefiore Medical Center, one of our nation's finest medical institutions."

"This is an historic day for Montefiore Medical Center and for all New Yorkers who rely on our first rate hospitals for medical care," said U.S. Senator Charles E. Schumer. "This deal will ensure that residents of the Bronx and Westchester continue to receive affordable high quality care in their communities."

"With Montefiore, the people of the Bronx and lower Westchester will continue to get medical care of the highest order," said Congressman Eliot Engel. " I am proud to say that by working with Senator Schumer and Chairman Rangel, and working closely with the Centers for Medicare and Medicaid Services, I was able to help keep the hospital open and serving this population."

"This is certainly great news for residents of the Bronx," said Adolfo Carrion, Jr., Bronx Borough President. "We can now count on one more location where patients can receive the excellent care provided by Montefiore Medical Center, an organization that is synonymous with outstanding healthcare."

"Montefiore is a world-class institution and I am certain it will provide for our residents the continuum of expert medical care for which it is so well known," said Father Richard F. Gorman, Chairman, Community Board #12. "I trust that Montefiore will continue the tradition of being actively engaged in the community life of this district and beyond."

"Community service has always been one of Montefiore's core missions," Dr. Safyer said. "This an opportunity to extend our commitment to advancing a coordinated, comprehensive agenda that will transform the health of this entire region."

With the acquisition, Montefiore adds:

• 369 inpatients beds, for a total of 1,491;
• 2,500 new employees, for a total of more than 16,000;
• 7 operating rooms for a total of 46;
• More than 500 physicians, bringing the total number of doctors on staff to nearly 2,600.

The additional physicians include primary care doctors and specialists who further expand the Montefiore network of community-based care as well the availability of experts in geriatrics, cancer, psychiatry, maternal/child health and other specialties.

"The North Division staff are committed to providing high quality, compassionate patient care," said Dr. Safyer. "I applaud the responsiveness and extra effort the staff have repeatedly demonstrated throughout this transition. Their good will and hard work have made possible the exciting future we are now creating together."

Montefiore has established one of the nation's largest primary care networks and systems of community-based programs targeting at-risk populations, such as underserved children, the elderly and the chronically ill. Montefiore also is home to distinguished centers of excellence including cardiology and cardiac surgery, cancer care, tissue and organ transplantation, children's health, women's health, surgery and the surgical subspecialties.

"The North Division will be an integral part of Montefiore's regional, full-service healthcare delivery system," Dr. Safyer said. "We remain committed to improving the health of our community through innovation and sustained collaboration, and we are confident that in doing so we will create a national model for healthcare reform."