The boards of two of the largest Northeast Ohio aging services organizations have voted to affiliate and announced their plans last week.
Beachwood, OH-based Menorah Park and Montefiore, both of which are nonprofits built on Jewish values and offering a continuum of residential long-term care options and other services, expect the agreement to be finalized by June 30. The suburban Cleveland organizations, operating on adjacent campuses, plan to use the Menorah Park name, although Montefiore’s location will continue to use the Montefiore name.
Menorah Park CEO James Newbrough will be CEO of the combined organization, and Seth Vilensky, president and CEO of Montefiore, will become vice president of business development and community services.
The combined organization has a value of $120 million, according to local media.
The boards had been in talks for more than two years.
“Our two organizations compete with each other for many of the same residents and clients,” Newbrough said in a statement. “We use resources managing two very similar organizations. If we think about good stewardship that drives both our organizations, it makes a lot more sense to focus those resources in ways that will allow us to build on the excellent services we already provide, and to do it together.”
Menorah Park offers independent living, assisted living, memory care, skilled nursing, rehab, adult day services, home health and hospice services. Montefiore provides assisted living, memory care, skilled nursing, rehab, home health and hospice.
“In healthcare, you have to grow, and you have to scale up in order to be sustainable and be an innovator, so we think [this] is going to be a great platform for us to grow,” Vilensky told the Cleveland Jewish News in an article posted on Menorah Park’s website. “And you look around the country, single-site operators … are struggling, and in some cases, going out of business. We look at this as a platform to be much more sustainable with a model that other people can emulate and join.”
