LifePoint Healthcare in Brentwood, Tenn., and Wilson (N.C.) Medical Center have finalized their joint venture, effective Saturday.
Under the agreement, Duke LifePoint owns 80 percent of the 294-bed hospital, and Wilson Medical Center and the community own 20 percent. Additionally, a minimum of $120 million in capital investments will be made at the hospital during the next decade.
Wilson Medical Center is now governed by a 10-member board equally represented by Duke LifePoint and community members.
The North Carolina attorney general's office gave the green light to the joint venture earlier last month after the two organizations signed a definitive agreement in January.
Duke LifePoint, a joint venture between nonprofit Duke University Health System in Durham, N.C., and for-profit LifePoint Hospitals in Brentwood, has five hospitals within its scope. It also has pending deals with Rutherford (N.C.) Regional Medical Center and Sylva, N.C.-based WestCare Health System.
More Articles on Duke LifePoint:
WestCare Health System, Duke LifePoint Healthcare Reach Acquisition Agreement
LifePoint Completes 2 Michigan Hospital Transactions
Duke LifePoint Eyes Joint Venture With Rutherford Regional