Massena Hospital & Town Take Step Toward Privatization
Massena Memorial Hospital and the town of Massena have made a step toward privatizing the institution.
Right now, the town owns Massena Memorial, but officials from both entities want to transfer ownership to a private, nonprofit organization.
Town Supervisor Steve O'Shaughnessy said in a statement Monday that there was an agreement in principle on a plan to transfer the hospital's assets from the town to a private entity that would run the institution.
The details of what's called an asset transfer agreement, the statement said, would be hashed out by attorneys.
What the two sides agreed to wasn't released.
After the transfer, hospital officials are looking for a larger health institution to merge with.
The hospital has lost millions of dollars in recent years -- $5.6 million in 2017 and $6.8 million in 2016.
Hospital officials have been working on cutting expenses and reallocating resources to stop the financial bleeding.