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June 13, 2012

HUMC Fight Night Monday July 16 2012 at the W Hotel

Filed under: Fight Night,fundraiser,Hoboken,HUMC,Sports,W Hotel — Tags: , , , — TheBoken @ 1:00 PM

The Hoboken University Medical Center HUMC will be having their annual Fight Night on Monday July 16 at 7:30pm at Hoboken’s W Hotel. Read below for more information….

HUMC Fight Night

Monday July 16, 2011 7:30 PM
The W Hotel at 225 River Street – Hoboken NJ

For more information please call 201-418-2124

  • General Admission Standing Room Only Ticket – $25.00
  • General Admission Seat Ticket – $40.00
  • Ring Side Admission Ticket – $100.00
  • General Admission Seat Ticket with Dinner at Zylo (*before or after event) – $105.00
  • Ring Side Seat with Dinner at Zylo (*before or after event) $165.00

*Note: Customers who purchase the dinner ticket should call ZYLO with the time they are planning to come in the night of the event.

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December 1, 2011

HUMC Ribbon Cutting Ceremony on Transfer of Ownership December 1st at 2:30pm

Today at 2:30 pm there will be a ribbon cutting ceremony to celebrate the transfer of Hoboken’s only hospital to private ownership. Former Mayor David Roberts, current Mayor Dawn Zimmer as well as the Lt. Governor Kim Guadagno, Lieutenant Governor and other dignitaries will be in attendance.

Please note the time change. This event is now at 2:30pm instead of 3:30pm as was reported yesterday.

MAYOR ZIMMER HOSTS RIBBON-CUTTING CEREMONY TO CELEBRATE HOBOKEN UNIVERSITY MEDICAL CENTER TRANSFER OF OWNERSHIP

Hudson County Community Invited to Rediscover the Hospital  

HUMC Hoboken Winter

Mayor Dawn Zimmer will host a ribbon-cutting ceremony at Hoboken University Medical Center to officially hand off the hospital to its new leadership team.  The Mayor will be joined by state and local officials, including Lieutenant Governor Kim Guadagno, to celebrate the hospital’s completed sale and transfer of ownership.  The Mayor will discuss the hospital’s bright future and invite Hudson County residents to rediscover Hoboken University Medical Center.

WHAT:  Ribbon-cutting ceremony
WHEN:  Thursday, December 1, 2011; 2:30 p.m. EST
WHERE:  Hoboken University Medical Center Emergency Room Lobby (entrance on Willow Ave. between 3rd St. and 4th St.)

PARTICIPANTS:

  • Kim Guadagno, Lieutenant Governor, State of New Jersey
  • Mary E. O’Dowd, M.P.H., Commissioner, New Jersey Department of Health and Senior Services
  • Dawn Zimmer, Mayor, City of Hoboken
  • David Roberts, Former Mayor, City of Hoboken
  • Toni Tomarazzo, Chair, Hoboken Municipal Hospital Authority
  • Phillip S. Schaengold, J.D., Chief Executive Officer, Hoboken University Medical
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November 4, 2011

Sale of the Hoboken Hospital has been completed: $52 Bond Paid Off

Filed under: City Of Hoboken News,Hoboken,HUMC — Tags: , , , , , — TheBoken @ 2:05 PM

The latest on the HUMC sale in Hoboken. It has now been finalized and privatized. This is a good ….

SALE OF HOBOKEN UNIVERSITY MEDICAL CENTER COMPLETE

State’s Oldest Hospital to Remain Open, 1,200 Jobs Saved, $52 Million Bond Paid Off

Mayor Zimmer issued the following statement after the completion of the sale of Hoboken University Medical Center. Funds were wired this morning to defease the $52 million bonds that the City of Hoboken guaranteed in 2007 to save the hospital.

 

“Today is a great day for all of Hoboken and New Jersey. Our state’s oldest hospital will remain open as a full-service acute care facility.  More than 1,200 jobs have been saved, and we have avoided a financial catastrophe by relieving Hoboken of its guarantee of the $52 million hospital bond. The City would have become immediately responsible to pay this bond if this sale had not been completed. The new owners have committed to making the investments needed to make our hospital one that all of our community and employees can be proud of.”

“When I took office two years ago, saving our hospital was my highest priority. Virtually no one believed that achieving our twin goals of saving our hospital and relieving our City of its $52 million bond guarantee was possible. I wasn’t sure it could be done, but I knew it had to be done. Today, we have finally achieved these seemingly impossible objectives — an enormous win for all of our taxpayers and residents.”

“On behalf of all our residents, I thank the volunteer board members of the Hoboken Municipal Hospital Authority and especially thank Chairwoman Toni Tomarazzo.  This triumph could never have been achieved without their dedication and hard work. They are heroes of Hoboken who spent countless hours without compensation for no other reason than the desire to help their community.”

“I thank Transportation and Parking Director Ian Sacs for his work negotiating a parking agreement which, by shifting parking to garages with excess capacity, will result in more parking available for residents and more revenue for the City. By freeing up hundreds of parking spaces at the Midtown garage, we expect to completely eliminate the two-year-long waiting list. The City will also receive new revenue from the leasing of office space and property taxes.”

“Without Governor Christie’s support, the state’s oldest hospital would be closed today and 1,200 jobs would have been lost. I thank Governor Christie, Health Commissioner Mary O’Dowd, and the entire Administration for their invaluable help and support throughout the sales process.”

“I wish the new owners the best of luck and congratulate Phil Shaengold, their new President and CEO. Mr. Shaengold started his career with the Franciscan Sisters, the same group that founded the hospital nearly 150 years ago. I am confident that under his leadership, and with the wholehearted support of our community, the new Hoboken University Medical Center will expand its services to our community and thrive for the long term.”

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October 31, 2011

Statement from Mayor Zimmer on the Hospital Sale–City Council passes Garage deal for Hospital 8-0

Filed under: City Of Hoboken News,Hoboken,HUMC — Tags: , , , — TheBoken @ 9:00 AM

Hoboken Journal 2288

Good news for Hoboken. At last night’s emergency City Council meeting, the last component necessary to complete the sale of the Hoboken Hospital was was the municipal garage agreement that passed 8-0. Six votes were needed to waive the normal 20 day period before the agreement could take place. Hospital officials confirmed that this was necessary to be waived as they would not have been able to make payroll this week. The sale that will save the hospital is now expected to be completed this Tuesday. Below is a statement from Mayor Zimmer on this milestone that is about to be achieved.

STATEMENT FROM MAYOR ZIMMER ON HOBOKEN UNIVERSITY MEDICAL CENTER

Mayor Dawn Zimmer issued the following statement after the Hoboken City Council voted unanimously to immediately implement a parking agreement for Hoboken University Medical Center, clearing the way for the sale of the hospital.

"Since my first day as mayor more than two years ago, the saving of our hospital has been my number one priority. The effort to save our hospital has been a long road, but today our community saved it together. I thank everyone who contacted Council Members and turned out to raise their voices – hospital and City employees, taxpayers and concerned citizens, and members of the Hoboken Municipal Hospital Authority. I thank all members of the City Council for doing the right thing for Hoboken – the majority members for their support all along and the minority members for being willing to reconsider and change their votes. Today’s vote clears the way for saving Hoboken University Medical Center, the jobs of 1,200 employees, and averts a financial catastrophe for our City."

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October 22, 2011

HUMC Certificate of Need Approved by State Commissioner- Hoboken Hospital Sale Can be Completed

Filed under: City Of Hoboken News,Hoboken,HUMC — Tags: , , , , , — TheBoken @ 12:15 PM

The final steps towards privatization of Hoboken’s only hospital the HUMC are expected to be completed now that approval has been granted by the New Jersey Commissioner of Health on the Certificate of need. Read below for more details…

STATE COMMISSIONER OF HEALTH AND SENIOR SERVICES APPROVES CERTIFICATE OF NEED

APPLICATION FOR TRANSFER OF OWNERSHIP OF HOBOKEN UNIVERSITY MEDICAL CENTER 

Important Hurdle Cleared Toward Completion of Sale to HUMC Holdco LLC

 

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HOBOKEN, NJ, October 21, 2011 – The Hoboken Municipal Hospital Authority (HMHA) has learned that New Jersey’s Commissioner of Health and Senior Services Mary O’Dowd approved HUMC Holdco LLC’s Certificate of Need (CN) application to acquire ownership of Hoboken University Medical Center (HUMC). Today’s decision is the final State approval needed to complete the sale of HUMC and meets one of the goals of the HMHA to keep open an acute care medical center in the City of Hoboken.

“Today’s development is great news for the city of Hoboken. There are so many who worked tirelessly to make this transaction a reality. I want to thank my colleagues on the Authority, HUMC Holdco LLC and Mayor Dawn Zimmer,” says Toni Tomarazzo, chairwoman for HMHA. “Without the Mayor’s single-minded approach to solving our hospital dilemma, we wouldn’t have reached this point in the process. She knew that privatizing HUMC was the only way to preserve it for our residents.”

“Today’s approval has brought us even closer to the end of a long journey,” says Mayor Zimmer. “Within the next few days, we anticipate finalizing the sale of HUMC. It won’t be long after the transaction is completed that citizens of Hoboken will begin to see its benefits. We have saved 1,200 jobs and our hospital will be able continue to provide quality healthcare to our City. In addition, our municipal fiscal situation has improved significantly, as our $52 million bond guarantee obligation will have ended. This will dramatically improve our ability to fund both short- and long-term improvement projects for our long-neglected infrastructure.”

The State Health Planning Board held two public hearings – one in Hoboken on July 21, 2011 to allow city residents to comment regarding the Certificate of Need application submitted to the Department of Health and Senior Services for the transfer of ownership of Hoboken University Medical Center to HUMC Holdco LLC. The session attracted more than 200 residents – with the vast majority expressing support for the transaction.

Approval for a hospital’s “change of ownership” in New Jersey is a comprehensive process requiring the Commissioner of Health and Senior Services to issue a Certificate of Need. The State Health Planning Board must hold a public hearing in the hospital’s service area, consider the Certificate of Need application at an open public session, and then make a recommendation to the Commissioner. The Board recommended that the change of ownership to HUMC Holdco LLC be approved.

“HUMC operates in a dire financial position and is dependent on continued State subsidies to cover operating expenses. The change of ownership to HUMC Holdco LLC, an entity with private capital and a proven track record, offers the best opportunity for the hospital’s long term financial stability and sustainability, as well as quality enhancement and new program development,” Tomarazzo adds. “This sale is in the best interests of our City and what we’ve worked long and hard to achieve.”

Link to Approval Letter from NJ Commissioner of Health: CN Approval HUMC 10-21-2011

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October 7, 2011

Remarks of Mayor Dawn Zimmer on Hoboken University Medical Center Sale

Hoboken Mayor Dawn Zimmer gave a brief conference at Hoboken’s HUMC today as a result of the sale to HUMC Holdco being approved by the New Jersey Bankruptcy judge assigned to the case. The last step in the process is approval from the State Hospital Board. From that point the hospital should be privatized in about two weeks after the approval. The hospital has been running on life support with respect to its cash position for some time. The vast majority of jobs at the hospital will be saved as well as the outstanding $52 million in bonds hanging over the taxpayer’s heads in Hoboken.

Remarks of Mayor Dawn Zimmer Hoboken University Medical Center

Hoboken, New Jersey October 7, 2011

Good afternoon. By now you’ve heard the great news — that the federal bankruptcy Judge, Judge Steckroth, has approved the sale of Hoboken University Medical Center. This is the best possible outcome for the citizens of Hoboken; we will now be able to save our hospital and preserve the financial health of our City. This is a huge milestone and the final legal hurdle. We’re saving 1,200 jobs, maintaining our City’s and our County’s primary acute care medical facility and relieving our City of a $52 million bond guaranty that we could not afford and that had the potential to destroy our City’s finances.

There are many who deserve credit for this achievement.

First, I want to thank the heroes of the Hoboken Municipal Hospital Authority Board. These are volunteers who spend countless hours for no other reason than their desire to help their community. They worked tirelessly to get this deal done at great personal sacrifice. Let me introduce them to you. Some of them were able to be here with us, and some of them could not join us, but the people of Hoboken need to know their names: Toni Tomarazzo, Chair of the Board; Vincent Riccitelli, CEO of the hospital; Dr. Fayemi, Dr. Kozel, Eric Kurta, Jonathan Metsch, Steve Rofsky, Catherine Williams, Norman Wilson, and Tejal Desai.

These are the faces of committed volunteers who are the foundation of our community. Their contributions to our City have been invaluable. These individuals kept their eye on the ball, never losing focus even when their reputations were unfairly attacked.

The Judge’s ruling today makes it crystal clear that the allegations we’ve been reading about had no basis in fact or law. These were unfounded claims recklessly promoted by politicians and others in pursuit of their own personal agendas and unrelated to the best interests of our community. I call on the elected officials, both in Hoboken and elsewhere in the State, and they know who they are, who have promoted these allegations to immediately and publicly apologize to these heroes of Hoboken. This is important, because politicians all too often exploit the cynicism in their communities when it benefits their political purposes. It’s time that they be held accountable for their false and misleading statements.

I also want to thank the members of the City Council majority, Council President Bhalla, Vice President Cunningham, Councilman Mello, Councilwoman Marsh and Councilwoman Giatttino, for their trust and support. Last but certainly not least, I want to thank Governor Christie for stepping up and contributing $5 million to save our hospital when our own toxic politics was going to force it to close.

When I became Acting Mayor two years ago I knew this was something that we had to do, but I did not know whether it could be done.

Together we are making it happen, and on behalf of the City of Hoboken I say thank you.

 

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October 6, 2011

Mayor Zimmer Announces Approval of Settlement Agreement and Sale by the Creditor’s Committee

Filed under: City Of Hoboken News,Hoboken,HUMC — Tags: , , , — TheBoken @ 9:00 AM

Here is the latest development from the City of Hoboken on the anticipated sale of the HUMC to HUMC Holdco which will privatize the facility and relieve the taxpayer of over $52 million in outstanding bond obligations. This deal if it goes through will result in Hoboken’s only hospital staying open for up to seven more years and save over 1,200 jobs not including those of municipal workers if the deal were to fall through.

MAYOR DAWN ZIMMER ANNOUNCES APPROVAL OF SETTLEMENT AGREEMENT  AND SALE OF HUMC BY CREDITOR’S COMMITTEE

Path Clear for Completion of Sale of Hoboken University Medical Center

HUMC Hoboken

Mayor Dawn Zimmer is announcing that the Official Committee of Unsecured Creditors has approved both the bankruptcy settlement agreement, as well as the agreement to sell Hoboken University Medical Center (HUMC) to HUMC Holdco LLC.  These developments clear the way for completion of this transaction and will facilitate a bankruptcy court hearing scheduled for today that hopefully will result in judicial approval of both agreements.

“This approval by the creditors committee is a major milestone for everyone who’s been working for the past few months to bring this transaction to a positive conclusion.I want to thank members of the Hoboken Municipal Hospital Authority (HMHA), as well as Hoboken Healthcare Inc. (HHI) who have worked tirelessly with the city to get this deal done.Without this agreement, it was unlikely that tomorrow’s scheduled bankruptcy court hearing would have been able to take place.Now, the court will have the opportunity to, once and for all, approve the bankruptcy settlement agreement and the sale agreement — creating a win-win situation for creditors, hospital employees and the city of Hoboken.We are now able to say with confidence that we will be able to save over 1,200 jobs, keep the hospital open to service Hoboken and surrounding communities, and relieve the city of its $52M bond obligation — a fiscal albatross that threatened the future of our city.

“While we are thrilled with this development, I would be remiss if I did not address the one outstanding objection to the sale of HUMC to HUMC Holdco LLC.Today, we learned that JNESO, the union representing hospital nurses and technicians, still objects to the sale.We believe this objection contains allegations that are totally without merit.In fact, JNESO’s court filing seems to be an unusual course of action considering the fact that of the 314 JNESO members who have already applied for positions at HUMC under the management of Holdco, 285 have been offered positions.That’s 91%.The city, HHI and HMHA will be filing responses to JNESO’s objection and we are confident that nothing in its filing will prevent approval of the settlement agreement or the sale agreement.We hope that union officials will reconsider their action because it clearly is not in the best interests of our residents, hospital employees or patients at HUMC.”

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September 26, 2011

Dawn Zimmer Phone Conference on HUMC Sale Negotiations 9/26/2011 1:30pm

Filed under: City Of Hoboken News,Hoboken,HUMC — Tags: , , — TheBoken @ 2:05 PM

Mayor Dawn Zimmer provided the media an update on HUMC sale negotiations today at 1:30pm.

In the call she stated the following…

Negotiations with respect to the HUMC are moving in the right direction. A term sheet was sent Sunday from the creditors committee with slightly different terms that had been agreed to on Friday. There is still a gap but the creditor’s committee is still working on closing that gap with Hospital officials. 

The Mayor stated she will call a press conference at the HUMC if and when negotiations are finalized.

HUMC - Hoboken University Medical Center

Background: Last week on Wednesday September 21st, Mayor Zimmer called an emergency meeting to get $5 million bonding approval to help close the gap in negotiations to finalize the sale of HUMC to Bayonne Medical Group. They were the winning bidder in a public RFP process and won the right to exclusively negotiate with the hospital authority board to come to terms on a sale of the Hospital. Doing so would release the city of Hoboken from over $52 million in bond obligations and keep open the Hospital for at least seven years according to terms of the contract. Recently, as a result of running in the red for many years the HUMC finally declared bankruptcy. Negotiations with the creditor’s committee had to be finalized before the sale could be completed. The political drama that ensued last week had a lot to do with those parties coming to terms as well as some partisan politics.  

The Mayor 6 votes were needed to pass the bond and it only got 5 votes from the City Council. The Mayor ran on campaign promise of trying to privatize the hospital so her backers viewed the City council minority as obstructing the deal. The next day on Thursday September 22nd, Governor Christie issued this press release offering up the $5 million that was needed to close the gap for creditors: 

Governor Christie Willing to Make $5 Million Available to Keep Hoboken University Medical Center Open After City Council Refuses Funding

Next Move Rests on Local Unions Making Concessions to Keep Hospital Running and Save 1300 Jobs

Today, Governor Chris Christie released the following statement after the Hoboken City Council rejected $5 million in funding for Hoboken University Medical Center, effectively forcing the state’s oldest hospital to close within the next few weeks and risking municipal authority default in Hoboken.

“It would appear that there are two primary issues that stand in the way of keeping Hoboken University Medical Center open. First, the refusal by local unions to provide necessary concessions and secondly, the city council’s rejection of $5 million in funding which is vital to securing the hospital’s future.”

 ”It is completely unacceptable that the city council placed local politics ahead of the 1300 employees at the Hoboken University Medical Center and the people in the community who rely on the critical services provided by this hospital. This Administration is not going to allow political bickering to put this hospital in jeopardy and potentially have a negative and irresponsible impact on the city’s finances, which is why the state will contribute the $5 million, if needed, to ensure the Hoboken University Medical Center deal closes and the hospital stays open. With the availability of this funding, it is now up to the unions to ensure the hospital stays open, people continue to have access to emergency services, 1300 jobs are saved, and municipal default is averted.”

- End of Governor’s press release

A press conference was held on Friday by the Mayor stating that negotiations were close but more work needed to get done. It is now Monday afternoon. On Tuesday Septmeber 27th , there is was supposed to be a  meeting scheduled with the bankruptcy judge to rule on the settlement if one is in place. The Mayor had previously announced last week that without a deal to sell the hospital in place, the hospital would run out of money and have to shut down by October 7th.

Editor’s Comment: Cross your fingers Hoboken, jobs and taxes are at stake and not just those jobs at the Hospital but those of municipal workers as well. TheBoken has confirmed from a police union source that they were notified of layoff notices in case the hospital deal falls through. Taxes would go up as well and it is too early to determine exactly how much they would but it would be significant.

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September 20, 2011

Letter from Mayor Dawn Zimmer to City Council Members regarding HUMC

We interrupt your regularly scheduled plans for partying to give you this update on the HUMC in Hoboken…

LETTER FROM MAYOR ZIMMER REGARDING HOBOKEN UNIVERSITY MEDICAL CENTER

HUMC - Hoboken University Medical Center

Below is a letter from Mayor Dawn Zimmer to City Council members regarding Hoboken University Medical Center….

9/20/2011

"Dear Council members,

The negotiations to save HUMC (“Hospital”) have reached a critical juncture. For almost two years the Hoboken Municipal Hospital Authority ("HMHA") has been working diligently to find a strategic alternative to ensure the long term viability of the Hospital and preserve this vital safety net that serves the City of Hoboken and surrounding communities. Since 2007, the Hospital’s management company, Hudson Health Care Inc.("HHI"), incurred significant unsecured debts to vendors who provide  products and services. HHI failed to provide HMHA with timely and accurate information regarding the true fiscal condition of the Hospital.  In order to sell the Hospital and secure the future of health care services in Hoboken, retain over 1200 jobs and relieve the City of a bond guarantee of over $51 Million dollars, the Administration is putting forward tomorrow, on an emergency basis, a bond ordinance which is designed to put the City in a position to contribute funds to make a final offer to the HHI Creditors Committee so that HMHA and HHI can proceed with the sale of the Hospital. The City's contribution, while not required under any law or legislation, is intended to contribute toward the funding necessary to save the Hospital.

The maximum amount that I believe is appropriate for the City to contribute is up to $5 million, and that is the funding authority that will be included in the ordinance to be presented tomorrow. Even if the full amount of this authorization were offered to the HHI Creditors Committee, there can be no assurance that they will accept a settlement on terms that can be achieved with this contribution.  The members of the Creditors Committee, PSE&G, Sodexo, Cardinal, Metassets and the Hospital’s two unions, 1199J and JNESO, will have to decide if this contribution by the City is sufficient to approve the sale and settlement agreement or whether they would prefer to see the Hospital close.  If six City Council members disagree with my assessment and believe that the City’s contribution should be for a higher amount, then the Council should pass a resolution reflecting the will of the Council.

I know this is an unusual approach, but given the enormous importance of this matter to our residents and taxpayers, I believe it is my obligation to present this to the Council in this manner.

If either no bond ordinance receives six votes on first reading, or if the amount approved is ultimately not sufficient to reach an agreement then the hospital will be forced to close, most probably by the end of October.  

Under separate cover a cash flow analysis will be sent to you today so that you will fully understand that the hospital simply cannot survive unless a settlement is reached and the sale is completed.

The hearing in federal court has been rescheduled for this Thursday in order to give the Council time to vote on this most urgent matter.

Thank you,

Mayor Dawn Zimmer"

Link to memo: Memo-Zimmer-Council-9-20-11

Reader Note: Feel free to ignore this commentary if you don’t like politics but TheBoken’s editor feels this issue is so important to Hoboken’s future that this site should at least provide an informed context…

Editorial Statement: The privatization of Hoboken’s HUMC is a key component of Dawn Zimmer’s Mayoral Campaign in 2009 whether you voted for her or not. The HUMC has been losing money steadily since it was made into a quasi-governmental entity several years ago. The economics behind running a hospital the size of Hoboken’s are difficult given the choices that paying customers can make with proximity to New York City and other area hospitals. The entity HHI that was created by the previous Mayor was unable to restore the hospital to running in the black. It also appears that they did not disclose the depth of the financial distress to the Hospital Authority. HHI even hired a guy for $800,000 a year and his replacement Spiros Hatiras was also unable to make progress fiscally in the end before his contract was terminated recently.

Any politician that states they want a guarantee that the hospital will stay open forever is not dealing with a sense of economic reality or is grandstanding. While no one can guarantee that the HUMC will stay open forever Bayonne Medical did guarantee a 7 year commitment and was the winning bidder of a public RFP process. According to HUMC Authority Board Chair Toni Tomarazzo Bayonne was  the only bidder that met the criteria of the RFP and could show that they had the financing to do so. They also have a track record of turning around Bayonne Medical.

Despite allegations of fraud from a questionable source in this deal that assert that the HUMC withheld payments to force bankruptcy (laughable on their face because the hospital really was and is broke), this transaction represents the best chance to save the hospital in the short term and mid term and at least provide 75% of the jobs that were at the Hospital prior to the restructuring. Do people really want to see the Hospital close just to score a few political points against the Mayor? It just doesn’t make sense.  Would the unions really want 0% of their jobs? The tax implications for failure to get this deal done will have a significant effect on Real Estate if this deal does not get done.

Now , back to partying people! Enjoy Hoboken and prosper but do hope that at least we have an emergency room when this is all said and done. Saturday night drinkers need a place to get stitched up when they fall down drunk from time to time. :)

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September 17, 2011

HUMC Holdco Makes Deal with Blue Cross Blue Shield for In-Network Coverage

Filed under: Hoboken,HUMC — Tags: , , — TheBoken @ 11:45 AM

We interrupt the entertainment aspect of this website to bring Hobokenites a bit of hard news:

This is the latest development on the privatization of Hoboken’s only hospital, the HUMC and was sent out yesterday. If this deal were not to go through a very likely outcome is that the City of Hoboken would be on the hook for well over $50 million dollars as Hoboken gave the guarantee for those bonds when the Hospital Authority was created as a quasi-governmental agency a few years ago . At least one concern for the Hospital sale’s detractors has been resolved as concerns over Blue Cross Blue Shield plans not being covered which was an open issue has at least been addressed.

The Hospital has been losing money ever since The Hospital Authority structure was put in place back in 2008 to temporarily save it with the backing of the City of Hoboken’s bond guarantees. It was telling that during Hurricane Irene only 50 people were evacuated from the Hospital when the decision to do so was made on Saturday August 27th. The hospital had been losing less money as of late according to financial reports and recently declared bankruptcy as the sale was being closer to being finalized.

Stay tuned, the plan to sell the hospital still awaits final approval from the State Department of Health and Senior Services. ….

027HUMC HOLDCO LLC FOR REACHES IN-NETWORK AGREEMENT WITH HORIZON BLUE CROSS BLUE SHIELD

Deal Goes into Effect Upon Completion of Transfer of Hoboken University Medical Center to Buyer; Good News for Patients

HOBOKEN, NJ, September 16, 2011 – Hoboken Municipal Hospital Authority (HMHA) is pleased that HUMC Holdco, LLC (Holdco), the buyer in the pending sale of Hoboken University Medical Center (HUMC), has announced an agreement with Horizon Blue Cross Blue Shield of New Jersey. The transaction will allow HUMC to remain a participating provider in the Blue Cross Blue Shield network following Holdco’s acquisition of HUMC, which is expected to be completed later this month.

“It is great news for patients to have HUMC continue as an in-network provider with Horizon,” says HMHA Chairperson Toni Tomarazzo. “This is one of the many issues for which HMHA has diligently advocated in the pending sale of HUMC to ensure the continuation of hospital services and maintain the long term viability of the hospital.  HMHA remains committed to finalizing the sale to Holdco.”

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