Winston-Salem, N.C.-based Wake Forest Baptist Medical Center completed its acquisition of Cornerstone Health Care, a physician-owned, 275-plus-provider, multispecialty practice based in High Point, N.C.
Wake Forest sealed the deal after a three-month due diligence period, uniting a top academic medical center with a high-performing medical practice and population health company.
Under the agreement, Cornerstone will be a wholly owned subsidiary of Wake Forest, but still able to continue operating as a separate business unit and continue to lead its accountable care organization, which Wake Forest says is one of the top performers in the country.
"We are committed to the continued development and growth of Cornerstone," Wake Forest CEO John McConnell, MD, said in a statement announcing the deal. "Through our combined strengths and collaboration, we will advance the region's population health efforts, create a highly coordinated network that improves health, and provide greater value to the communities we serve."
The acquisition builds on the organizations' existing clinically integrated network, Cornerstone Health Enablement Strategic Solutions.
Elisabeth Stambaugh, MD, will continue in her role as CMO of Cornerstone, and Doug Mathis will return to Cornerstone as its chief administrative officer after his 2013 departure. Grace Terrell, MD, who is involved on an HHS advisory committee, the American Medical Group Association board, the American Medical Association's integrated physician section and Oliver Wyman, will transition to a role as strategist of CHESS, the organizations' CIN.
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