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This comes after a closed-door meeting held Wednesday to discuss the hospital's future.

The governor says St. Vincent's is on the brink of insolvency because it's $700 million in debt.

The task force -- comprised of elected officials, representatives of the hospital's creditors, unions, hospital management, and hospital workers -- must now come up with suggestions for major changes for the Greenwich Village institution to survive.

The state gave the facility a $6 million loan earlier this week, but Paterson says there isn't much more they can do.

"We don't want to put supplies on a sinking ship," Paterson said. "The state itself doesn't have the resources to do that, whether we wanted to or not."

"I'm optimistic that the coalition and the stakeholders in place to make a run at saving this hospital. It's going to take some sacrifice on all sides. But it's also going to take some smarts and some real work," said Manhattan Borough President Scott Stringer.

Paterson says he hopes the task force will meet daily with the hospital's new restructuring officer.

Some ideas already under consideration include bringing in outside partners, or merging several hospital departments.

If no solution can be found in four weeks, that could mean the end for St. Vincent's.