Duke LifePoint Healthcare, a joint venture of Duke University Health System, Inc. and LifePoint Hospitals, and the board of directors of Maria Parham Medical Center (MPMC) have signed a definitive agreement to jointly own and operate MPMC. The transaction is expected to close within the next 60 to 90 days, subject to review and approval by the Attorney General of the State of North Carolina and the satisfaction of other customary closing conditions.
Under the terms of the agreement, Duke LifePoint will own 80 percent of the new joint venture. The retained assets of MPMC and the proceeds from the transaction will eliminate MPMC's debt, and the remaining assets -- approximately $30 million -- will be used to create a locally governed charitable foundation that will fund new programs and services in the community. Duke LifePoint also has committed to investing $45 million in capital improvements at the hospital over the next 10 years.
Duke LifePoint will own 80 percent of all MPMC operations and equipment, and MPMC will retain 20 percent ownership. To maintain a strong community voice in the governance of the hospital, a 10-member board will be equally represented by Duke LifePoint and MPMC appointees. A separate hospital advisory board consisting of physicians, local community leaders, MPMC President and CEO Robert Singletary and a representative from Duke LifePoint also will be established.
Maria Parham Medical Center is a private, non-profit, full-service regional hospital serving the people of north central North Carolina and Southside Virginia. With a team of more than 150 physicians and 700 clinical and support staff, Maria Parham offers a wide range of services and the latest technology to meet the healthcare needs of the community. Maria Parham, located in Henderson, N.C., is fully accredited by both The Joint Commission and CMS.
Duke LifePoint Healthcare, a joint venture of Duke University Health System, Inc. and LifePoint Hospitals, was established to build a dynamic network of hospitals in North Carolina and the surrounding areas. The joint venture, which brings together LifePoint's experience in community-based hospital management and Duke's world-renowned leadership in clinical service, is strengthening and improving healthcare delivery by providing community hospitals the clinical, quality and operational resources they need to grow and prosper.
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The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.
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