For months, financially stressed Commonwealth Medical College has publicly discussed entering an affiliation or partnership as an option to stay afloat.

Placed on probation last year because of financial difficulties, the medical college may have found a suitor.

The medical college and the University of Scranton on Monday issued a statement announcing they "are continuing discussions regarding a possible affiliation, building on a confidential exploratory phase."

In the statement, the medical college and university said an affiliation could "be beneficial both to our respective institutions" and the community. During an evaluation period that ends March 31, the schools noted that they will hold wider discussions "within our respective communities to consider...complex questions and issues."

Medical college spokeswoman Anne Green and university spokesman Gerald C. Zaboski refused to comment, noting the organizations were not releasing any more information than the statement.

The announcement comes about eight months after the Liaison Committee on Medical Educatio, which accredits American medical schools, notified the medical college that it would be put on probation because of financial difficulties. The college and Blue Cross of Northeastern Pennsylvania last year entered into an agreement in which the insurance company would "provide a cushion" to the college when it need additional funding in the next five years.

In November, college officials, who have said the institution needed $54 million over the next five years while it also considered an affiliation or partnership, reported that it was stepping up its fundraising efforts.

While local officials say an affiliation will benefit the medical college and university, a hospital consultant based in New Hope said an affiliation may indicate more.

Josh Nemzoff, the consultant, said the medical college's financial problems and past comments about an affiliation as an option indicates to him that the potential arrangement between the college and the university may be more than just an affiliation.

An affiliation between two organizations "typically" have no financial aspects to it and is a loose arrangement, Nemzoff said. He added organizations sometimes use the word "affiliation" to mask plans for more significant changes related to governance or funding.

"Many transactions are called affiliations because one party does not want to give up control," said Nemzoff, president of Nemzoff & Co. LLC.

The firm specializes in merger and acquisition activity for hospitals and hospital systems.

Local officials say an affiliation would be beneficial.

"We're thrilled with the medical college and the great progress we've made and we've always had a great respect for the University of Scranton," said Austin Burke, Greater Scranton Chamber of Commerce president.

He said the university's top-notch pre-medical program and its ability to raise millions of dollars would help the medical college.

"In addition to the financial support, you have all of these alumni that got into the National Institutes of Health and major corporations," Burke said. He said the medical college would add prestige to the university.

The university and medical college already work together, including through a joint offering of a dual-degree program in Medicine and Health Administration.

The medical college has relationships with medical organizations throughout the region, including the Regional Hospital of Scranton and the Community Medical Center in Scranton.

It also works with Wilkes University on bio-medical projects.

"Our science and engineering faculty are currently cooperating with researchers at the medical college on nano materials and cancer research and these projects will continue," said Vicki Mayk, university spokeswoman. "We are supportive of any effort that sustains the medical school project because of its tremendous value to the region for improving the health of residents and providing significant opportunities for economic development."

Noting that the Regional Hospital of Scranton works with the medical college and university, spokeswoman Gladys Bernet said they "are eager to learn more about what they envision through their formal affiliation."

CMC spokeswoman Wendy Wilson said the hospital has 27 students at the hospital from the medical college.

She said it would be a "natural transition" to formally partner with the university if it enters into an affiliation with the medical college.

"With the Commonwealth Medical College pursuing affiliation with the University of Scranton is a great step forward," Wilson said. "Eds and meds are the future of city."

Contact the writer: jmrozinski@timesshamrock.com

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University of Scranton, Commonwealth Medical College explore affiliation