Brentwood, Tenn.-based LifePoint Health (formerly LifePoint Hospitals) has signed a definitive agreement to form a joint venture with Watertown (Wis.) Regional Medical Center.
Under the agreement, which will now be reviewed by the Wisconsin attorney general, the two organizations will share in the ownership and operation of WRMC, with LifePoint owning 80 percent of the joint venture and WRMC retaining a 20 percent ownership stake.
The agreement also calls for $100 million in investments at WRMC over the next 10 years, with the funds being used for technology upgrades, facility improvements and the expansion of clinical services.
"LifePoint and WRMC share a dedication to advancing the health and well-being of this region," said John Kosanovich, president and CEO of WRMC. "Through this partnership, we will work to establish a strong network of healthcare services right here in Watertown, giving our community new opportunities to receive vital medical care locally."
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