Henderson, N.C.-based Maria Parham Medical Center is officially part of Duke LifePoint Healthcare after a joint venture agreement was finalized today, according to a system news release.
Under the terms of the agreement, Duke LifePoint and MPMC have formed a joint venture to own and operate the hospital. Duke LifePoint, a joint venture of Durham, N.C.-based Duke University Health System and Brentwood, Tenn.-based LifePoint Hospitals, will own 80 percent of the joint venture and has committed to investing $45 million in capital improvements at the hospital over the next 10 years. The transaction's $30 million in proceeds will be used to create a locally-governed charitable foundation.
Duke LifePoint and MPMC are creating a 10-member board with equal representation from both organizations. A separate hospital advisory board consisting of physicians, local community leaders, MPMC President and CEO Robert Singletary and a representative from Duke LifePoint will also be established.
This is Duke LifePoint's second hospital acquisition since it formed the joint venture entity in January.
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Duke LifePoint Healthcare, N.C.'s Maria Parham Sign Definitive Partnership Agreement
Under the terms of the agreement, Duke LifePoint and MPMC have formed a joint venture to own and operate the hospital. Duke LifePoint, a joint venture of Durham, N.C.-based Duke University Health System and Brentwood, Tenn.-based LifePoint Hospitals, will own 80 percent of the joint venture and has committed to investing $45 million in capital improvements at the hospital over the next 10 years. The transaction's $30 million in proceeds will be used to create a locally-governed charitable foundation.
Duke LifePoint and MPMC are creating a 10-member board with equal representation from both organizations. A separate hospital advisory board consisting of physicians, local community leaders, MPMC President and CEO Robert Singletary and a representative from Duke LifePoint will also be established.
This is Duke LifePoint's second hospital acquisition since it formed the joint venture entity in January.
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N.C.'s Person Memorial Hospital Officially Part of Duke LifePoint HealthcareDuke LifePoint JV to Acquire Person Memorial Hospital
Duke LifePoint Healthcare, N.C.'s Maria Parham Sign Definitive Partnership Agreement