Cornerstone Family Healthcare Acquires Middletown Community Health Care

Cornerstone Family Healthcare (Cornerstone) recently completed its purchase of Middletown Community Health Care (MCHC). MCHC had been experiencing financial difficult as of late, having had failed to make payroll, and having had its employees’ health insurance temporarily lapse earlier in 2017. The facility had also lost nearly $850,000 in 2016.

Cornerstone, formerly a nonprofit, will now operate 16 sites across the mid-Hudson and Southern Tier of New York, including their 40,000 patients and $50 million in annual revenue. The majority of MCHC’s employees have been rehired by Cornerstone, according to statements from Cornerstone leadership. Due to . . .