Person Memorial Hospital in Roxboro, N.C., officially became part of Duke LifePoint Healthcare Sept. 30, according to a joint news release.
Under the agreement, Duke LifePoint committed to invest $15 million in capital improvements at PMH over the next 10 years, with a minimum of $6 million spent within the first five years of ownership. Other terms of the sale were not disclosed.
Proceeds from the transaction will eliminate PMH's debt. Remaining proceeds will be used to create the Person Memorial Foundation, a charitable foundation that will support community needs, according to the release.
The Duke LifePoint joint venture has been making strides in the North Carolina healthcare market. It announced an agreement to acquire Henderson, N.C.-based Maria Parham Medical Center in February and in May it acquired nine heart labs from Charlotte, N.C.-based MedCath for $25 million.
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Under the agreement, Duke LifePoint committed to invest $15 million in capital improvements at PMH over the next 10 years, with a minimum of $6 million spent within the first five years of ownership. Other terms of the sale were not disclosed.
Proceeds from the transaction will eliminate PMH's debt. Remaining proceeds will be used to create the Person Memorial Foundation, a charitable foundation that will support community needs, according to the release.
The Duke LifePoint joint venture has been making strides in the North Carolina healthcare market. It announced an agreement to acquire Henderson, N.C.-based Maria Parham Medical Center in February and in May it acquired nine heart labs from Charlotte, N.C.-based MedCath for $25 million.
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