Caldwell Memorial Hospital in Lenoir, N.C., has decided to move forward with exclusive negotiations to join the University of North Carolina Health Care System in Chapel Hill.
Caldwell Memorial Hospital has been considering options to strengthen its position in its market for many months. It invited UNC Health Care to submit a proposal because of its management resources, successful track record in improving community hospitals, experience building strong physician relationships and ability to connect patients to sub-specialized care, according to the release.
According to the release, under the terms of the proposed agreement, UNC Health Care will adhere to the following requirements:
• Become the sole member of Caldwell Memorial Hospital and provide at least $35 million in capital improvements over a five-year period.
• Maintain the current management of Caldwell Memorial and local governance through local representation on the board of directors.
• Maintain the employment status of Caldwell Memorial's employees under their current compensation and benefit plans for at least one year.
• Maintain Caldwell Memorial as a private, non-profit organization and as a full service, acute-care hospital.
• Contribute at least $4 million to the Caldwell Memorial Hospital Foundation.
The two organizations will finalize negotiations, conduct due diligence and obtain regulatory approval during the exclusive negotiations.
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Caldwell Memorial Hospital has been considering options to strengthen its position in its market for many months. It invited UNC Health Care to submit a proposal because of its management resources, successful track record in improving community hospitals, experience building strong physician relationships and ability to connect patients to sub-specialized care, according to the release.
According to the release, under the terms of the proposed agreement, UNC Health Care will adhere to the following requirements:
• Become the sole member of Caldwell Memorial Hospital and provide at least $35 million in capital improvements over a five-year period.
• Maintain the current management of Caldwell Memorial and local governance through local representation on the board of directors.
• Maintain the employment status of Caldwell Memorial's employees under their current compensation and benefit plans for at least one year.
• Maintain Caldwell Memorial as a private, non-profit organization and as a full service, acute-care hospital.
• Contribute at least $4 million to the Caldwell Memorial Hospital Foundation.
The two organizations will finalize negotiations, conduct due diligence and obtain regulatory approval during the exclusive negotiations.
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