Baltimore-based University of Maryland Medical System has signed a contract with the parent company of Fort Washington (Md.) Medical Center — Oxon Hill, Md.-based Nexus Health — to take over the business development, management and operations of the 37-bed hospital effective this past Sunday.
Under the agreement, FWMC President and CEO Verna Meacham and CFO Joseph Tucker will become UMMS employees while continuing to serve in leadership positions at the hospital, according to a news release. UMMS has the option of renewing the management agreement at the end of its nine-month term.
Additionally, the contract allows provisions for UMMS to assume all of the hospital's assets and operate it as a wholly-owned subsidiary with the approval of both the UMMS and Nexus Health boards. Financial terms of the deal were not disclosed.
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