Yale-New Haven Hospital has acquired the 511-bed Hospital of Saint Raphael of New Haven, Conn., and the hospital's 125-bed long-term care facility.
The facilities — both are teaching hospitals of Yale University School of Medicine — now function as a two-campus hospital under the Yale-New Haven name.
Yale-New Haven plans to invest more than $100 million in the acquired campus within the next five years. It will pay $160 million to acquire Saint Raphael. Saint Raphael will use the funds to pay off its bond debt and fund its pension liabilities.
The hospital, while no longer officially designated a Catholic facility, will continue to follow the Ethical and Religious Directives for Catholic Health Care Services. The Sisters of Charity of Saint Elizabeth of Morristown, N.J., were the historic sponsors of Saint Raphael.
Four members of the board of Saint Raphael's former owner, Saint Raphael Healthcare System, now sit on the Yale-New Haven Board of Trustees. One of these appointees is Sr. Rosemary Moynihan, S.C., general superior of the Sisters of Charity of Saint Elizabeth and former chair of the Saint Raphael system board.
Copyright © 2012 by the Catholic Health Association of the United States
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