New Owner Sought for Mt. St. Joseph in Portland
Catholic Health Initiatives and Mt. St. Joseph, Portland, Ore., have begun to search for a new owner for the market-based organization, which provides long-term care and assisted living services. The decision to search for a new owner was made after an evaluation of strategic options by Mt. St. Joseph’s board of directors and Catholic Health Initiatives.
"Mt. St. Joseph and the Sisters of Mercy have served the needs of seniors in this community for more than 100 years," said Tom Triplett, chair of the Mt. St. Joseph board. "We have the interests and needs of our residents, families and employees in mind as we begin the search. We will make every effort to assure a smooth transition for everyone."
The leaders of Mt. St. Joseph and Catholic Health Initiatives hope to find a new owner so that Mt. St. Joseph may continue to serve the Portland community. Payments that Mt. St. Joseph receives from the state to care for Medicaid patients do not cover the cost of providing that care, a situation that has put severe financial pressure on providers of long-term care in Oregon. As a result, providers have not had money to invest in facility improvements. This is a particular concern for Mt. St. Joseph because the aging main building requires significant refurbishment if it is to be used over the long term.
The search for a new owner will be conducted confidentially. The leaders of Mt. St. Joseph and Catholic Health Initiatives will explore a range of potential buyers, including not-for-profit and for-profit organizations. The transfer to a new owner is anticipated to occur during 2004, with final sale subject to approval by the Catholic Church and review by the Oregon State Attorney General and the Oregon Department of Health and Human Services.
Mt. St. Joseph was established in 1897 by the Sisters of Mercy. The organization currently has about 200 employees and serves 250 seniors.