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August 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Milford Hospital exploring being acquired by Bridgeport Hospital

The Milford Hospital and Yale New Haven Health (YNHH) boards of trustees have voted to explore a deal wherein the hospital could be acquired by Bridgeport Hospital, which is a part of YNHH.

Milford Hospital. Photo courtesy of the organization’s Facebook account.

Under the agreement, which would require state, federal and full board approvals, current Milford employees – including those represented by organized labor – would become employees of Bridgeport Hospital, which has agreed to recognize all existing labor relationships.

“Our goal is to not only ensure the long-term viability of Milford Hospital, but to develop an approach that would sustain high-quality care in our community,” said Milford Hospital Board Chair Samuel Bergami Jr. “This provides us with an exceptional opportunity to explore joining a growing organization like Bridgeport Hospital and to become part of one of the nation’s leading health systems. We firmly believe this is in the best interests of the patients, employees and the community that we serve.”

In 2014, facing significant financial headwinds, Milford Hospital developed a collaborative relationship with both Yale New Haven Hospital and Bridgeport Hospital to house their respective Inpatient Rehabilitation Units. As a result, Milford Hospital experienced strong demand for those specific services as well as what it said were “exceptionally high quality and patient satisfaction rates.”

“However,” Milford Hospital said in a statement, “the need for a broader relationship has become apparent as financial performance continued to be challenged by low reimbursement rates from government payers.”

Bridgeport Hospital President and CEO William M. Jennings said he looked forward to further exploration of the potential acquisition. “We have clearly demonstrated that we can ensure access to high-quality acute care for patients in Milford and surrounding communities through our IRU,” Jennings said, “and by working together, we are confident that we can deliver a bright future for Milford Hospital in the years ahead, even as the current health care environment challenges all providers.”

“I am grateful to the Milford Hospital board of directors and management for their leadership and their commitment to the patients and community they serve,” commented YNHH President Richard D’Aquila. “We will be proud to welcome Milford Hospital to our health system, and we look forward to a long and successful future together.”