St. Joseph's Healthcare System in Paterson, NJ, announced that it will not enter into a for-profit hospital alliance agreement with Ascension Health Care Network, St. Louis, MO.
This decision was made by the Board of Trustees of St. Joseph's Healthcare System in a closed meeting on Thursday, August 2, 2012, following extensive analysis and careful consideration of all aspects of the proposed alliance. Board of Trustees meetings are confidential and details regarding this decision will not be released.
With a tradition of healthcare service excellence and community commitment that spans 145 years, St. Joseph's Healthcare System will continue to consider and investigate options for healthcare collaborations and alliances as they arise.
St. Joseph's Healthcare System made the decision to discontinue talks with Ascension Health Care Network based on what is best for our organization. We are proud of our longstanding commitment to providing truly advanced leading edge health care to the communities of Passaic County and northern New Jersey. St. Joseph's is the second largest provider of charity care in the state of New Jersey and the second largest provider of Medicaid services in the state of New Jersey.
We remain strong and financially profitable and it is an erroneous implication for anyone to suggest otherwise. St. Joseph's Regional Medical Center has been profitable since 2004. St. Joseph's Healthcare System, as of the end of June 2012, reported 77.4 days of cash on hand. The Healthcare System has not fallen below 65 days of cash on hand since our bond issue in 2008. This shows 8 years of financial stability and profitability.
St. Joseph's is sympathetic to the struggles of St. Mary's Hospital. We have helped St. Mary's Hospital many times - including several years ago when St. Mary's had a major explosion and St. Joseph's accepted the majority of its patients with open arms and without hesitation until the damage could be repaired.
St. Joseph's Healthcare System is the healthcare provider of choice in Passaic County and we remain fully dedicated to the preservation and provision of high level health care service excellence in this region – as we have for 145 years.