Hoboken Mayor David Roberts officially signed the closing documents on January 30, 2007 that will transfer ownership of the St. Mary’s Hospital Property to the Hoboken Municipal Hospital Authority after $52 million in pre-sold bonds are released. The 3.189 acre property, which includes an entire city block and two buildings, has been in escrow pending the final paperwork on the bonds which was concluded two days after the closing.

Simultaneous with the signing of the documents, Mayor Roberts disclosed that the hospital is experiencing a very positive upswing in both business and profitability. Overall, the average daily census rose by more than 23% last year (154 in 2006 versus 125 in 2005).

In addition, over the three-month period ending November 30, 2006, revenues increased an impressive $6 million and patient volume increased 15 percent, compared to the same period in 2005. In this past December alone the hospital reported a $400,000 profit compared to a $1.8 million loss the previous December. Admissions were up 35% over the same period last year.

“We were convinced when we selected Harvey Holzberg as CEO that we had the right person to turn this hospital around,” said Roberts, “and the performance of the hospital since he came on board has surpassed our expectations.”

Roberts also praised the teamwork of nurses, doctors and hospital personnel who have joined together to improve the conditions and services at the hospital.

“In addition to all of their fine work,” Roberts said, “the hospital has added medical services and secured new academic affiliations. In addition to its residency program with the University of Medicine and Dentistry of New Jersey (UMDNJ) and its podiatric program, the hospital entered into new academic partnerships with the Rutgers College of Nursing, the Ernest Mario School of Pharmacy at Rutgers and the Felician College for Nurses. The new nursing programs join the College of St. Elizabeth, which maintains a long-standing nursing program with the hospital.”

“As you can see, the hospital is upgrading its quality of care and offerings,” said Roberts, “and it will shortly embark upon major capital improvements. Equipment will be purchased and new services offered to further improve the quality of patient care. All of this would not have been possible without the cooperation of the city council, the hospital board and the citizens of Hoboken who placed their trust and faith in our efforts to save the hospital.”