Ellis-St. Peter’s merger pushed back | The Daily Gazette
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SCHENECTADY Ellis Medicine and St. Peter’s Health Partners are pursuing shared services and other partnerships but their planned merger is on hold for now.
Ellis President and CEO Paul Milton said Thursday he hopes and believes the merger will be completed, perhaps in 2023, but Ellis will be collaborating with SPHP in the interim as the Schenectady-based organization tries to recover from the crippling financial impact of the COVID pandemic.
Ellis Medicine’s revenue plunged from $455 million in 2019 to $402 million in 2020, and it incurred a $33 million loss for 2020.
But the need to merge into a larger organization was apparent before 2020, Milton said: Ellis is just too small to be viable on its own for the long term in the healthcare industry as it now exists.