SVCMC Names Guy Sansone CEO and Chief Restructuring Officer
04/21/2006
Media Contact: Michael Fagan
Saint Vincent Catholic Medical Centers
Phone: 212-604-7965
New York, NY, October 31, 2005 - Saint Vincent Catholic Medical Centers (SVCMC) announced today the appointment of Guy Sansone as President, Chief Executive Officer and Chief Restructuring Officer. The US Bankruptcy Court approved his appointment by the SVCMC Board of Directors on Friday, October 28. His selection resulted from a comprehensive and collaborative search involving the SVCMC Board of Directors and the Creditors Committee related to the bankruptcy process, as well as in cooperation with the U.S. Trustee.
'Guy Sansone brings significant experience working with healthcare organizations across the country. I am confident that Guy Sansone has the critical expertise to restructure the system and enable it to successfully emerge from bankruptcy,' said Richard Boyle, Interim President and CEO of Saint Vincent Catholic Medical Centers. Mr. Boyle was chair of the SVCMC Board until he assumed the role of Interim President and CEO in August when David Speltz resigned as President and CEO. He will now return to his role on the system's board.
Mr. Sansone has served as CEO, Chief Restructuring Officer, Director, Chief Financial Officer and advisor to numerous high profile turnaround and crisis management situations of major healthcare providers. Most notable among his projects is his role as interim Chief Financial Officer at HealthSouth Corporation, where he helped to facilitate a successful out-of-court operational and financial restructuring.
He currently is managing director of Alvarez & Marsal, Inc., a global firm with expertise in turnaround management and restructuring, where he serves as head of its Healthcare Restructuring Practice. His other healthcare projects include Integrated Health Services Inc., Orthodontic Corporation of America, and Rotech Healthcare, Inc. Prior to joining Alvarez & Marsal, he held various financial and operating positions at firms specializing in providing financing to troubled companies.
'I look forward to working with SVCMC's board, donors, physicians, employees and the many communities served by the system. My focus is on a strategic restructuring that is executed in a timely manner and includes ongoing communications with all of our stakeholders,' said Guy Sansone, President, CEO and CRO of SVCMC. 'The system has immense talent and resources that must be harnessed to reach its greatest potential as a 21st Century provider in New York City.'
The US Bankruptcy Court also approved the appointment of Martin McGahan as the system's Chief Financial Officer. Mr. McGahan, also of the Healthcare Industry Group of Alvarez & Marsal, has over 15 years experience in senior healthcare officer roles at both publicly traded and private healthcare organizations, including serving in the roles of President, Chief Operating Officer, and Chief Financial Officer of HealthTronics Corporation, and Senior Officer of Healthmarket, Inc, Alabama Sports Medicine and Orthopedic Center, and Surgical Care Affiliates.
Saint Vincent Catholic Medical Centers is simultaneously seeking approval of the appointment from the New York State Department of Health and the US Department of Housing and Urban Development (HUD).
About SVCMC
Saint Vincent Catholic Medical Centers is one of the New York metropolitan area's most comprehensive health care systems, serving nearly 600,000 people annually. SVCMC was established in 2000 as a result of the merger of Catholic Medical Centers of Brooklyn and Queens, Saint Vincents Hospital and Medical Center of New York and Sisters of Charity Healthcare in Staten Island. Sponsored by the Roman Catholic Diocese of Brooklyn and Sisters of Charity of New York, SVCMC serves as the academic medical center of New York Medical College in New York City.
The system includes six hospitals: Mary Immaculate Hospital, Queens; St. John's Queens Hospital; St. Vincent's Hospital Manhattan; St. Vincent's Hospital Staten Island; Bayley Seton Hospital, Staten Island; and St. Vincent's Hospital Westchester. Resources include over 2,500 physicians, four skilled nursing facilities, a system-wide home care service, a hospice and over 60 ambulatory care sites which provide a broad array of medical, psychiatric and substance abuse services. In 2004, SVCMC recorded over 92,000 inpatient discharges, more than 1,100,000 outpatient visits, and 640,000 home care visits. Its emergency rooms, which include three Level 1 trauma centers, received 255,000 visits in that same year, while SVCMC is the largest private provider of EMS services in the New York City Fire Department's 9-1-1 service. Also in 2003, St. Clare's Hospital, now St. Vincent's Midtown, became affiliated with the healthcare system.
