Denver-based Sisters of Charity of Leavenworth Health System has agreed to pay Arvada, Colo.-based Community First Foundation approximately $275 million over the next 20 years as part of governance changes for Denver-based Exempla Healthcare, a non-profit healthcare system that includes three hospitals and a physician network of more than 100 clinics.
Under the agreement, SCL Health and Community First each remain members of Exempla, which will be governed by a community-based board of directors. SCL will appoint nine of the 10 directors and Community First will appoint one. Exempla will retain ownership of its assets and SCL Health will continue to oversee operation of Exempla facilities, as it has since 2010, according to the release.
In addition, Community First will dedicate $25 million of the new funds to the communities served by Exempla Lutheran Medical Center in Wheat Ridge, Colo. Of that amount, $5 million will support Exempla Lutheran Medical Center's charitable activities and $20 million will be used to create the Lutheran Legacy Fund to promote health, wellness and prevention.
According to the release, the completion of the agreement hinges upon meeting certain legal requirements, including notification to the Colorado Attorney General.
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Under the agreement, SCL Health and Community First each remain members of Exempla, which will be governed by a community-based board of directors. SCL will appoint nine of the 10 directors and Community First will appoint one. Exempla will retain ownership of its assets and SCL Health will continue to oversee operation of Exempla facilities, as it has since 2010, according to the release.
In addition, Community First will dedicate $25 million of the new funds to the communities served by Exempla Lutheran Medical Center in Wheat Ridge, Colo. Of that amount, $5 million will support Exempla Lutheran Medical Center's charitable activities and $20 million will be used to create the Lutheran Legacy Fund to promote health, wellness and prevention.
According to the release, the completion of the agreement hinges upon meeting certain legal requirements, including notification to the Colorado Attorney General.
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