Johnson City, Tenn.-based Ballad Health is making a more than $310 million investment to improve healthcare in southwest Virginia by partnering with two community foundations, which give it full ownership of two area hospitals.
Ballad will be working with the Wellspring Foundation — formerly known as the Johnston Memorial Healthcare Foundation — and the Smyth County Community Foundation, according to a Nov. 18 news release emailed to Becker's.
In the new agreements, the health system will be the sole owner of Abingdon, Va.-based Johnston Memorial Hospital and Marion, Va.-based Smyth County Community Hospital. Ballad already owned 50.1 percent of Johnston Memorial and 80 percent of Smyth County Community.
Through the deal, Ballad can invest $310 million into the two community foundations to support charities, community health initiatives, and workforce development and education for those interested in healthcare careers.
"This new partnership brings the best of all options to Southwest Virginia," CEO Alan Levine said. "The hospitals will continue to be operated by people the communities have become familiar with, while at the same time, unleashing historic investment into the communities served by these critically important assets we have also invested so much in. The relationship we have with the people of Southwest Virginia could not be more important now that we are moving forward together with these exciting initiatives."