At its core, said Dr. Kenneth L. Davis, president and chief executive of the Mount Sinai Health System, health care was simply too expensive. PhotoMount Sinai Beth Israel, an 856-bed hospital that has served downtown Manhattan for more than 125 years, will close its building and replace it with a much smaller one, hospital officials said on Wednesday. Across the country, hospitals are struggling financially, and the move by Beth Israel is a reflection of broader trends in health care. Similarly, Beth Israel has been a part of the fabric of the Lower East Side since its founding in 1889. Beth Israel, he said, stood to lose $2 billion in the next 10 years because of changes in federal reimbursement structures alone.

Source: New York Times May 25, 2016 11:20 UTC