A new regional parent company in Northern Virginia is set up to take over UVA Culpeper (Va.) Hospital this fall, according to a The Daily Progress.
Here are three things to know about the takeover.
1. In March, Winston-Salem, N.C.-based Novant Health and University of Virginia Health System, based in Charlottesville, signed a non-binding letter of intent to create a the joint operating company, called UVA-Novant Health Joint Operating Company, for UVA Culpeper Hospital and all of Novant's facilities in Virginia.
2. The transaction has numerous purposes, said Greg Napps, CEO of UVA Culpeper Hospital, according to the report. Those purposes include creating a regional health system in Northern Virginia; providing high quality, accessible, patient-centered care and an outstanding patient care experience; bringing clinical expertise and physician workforce; and potentially serving as a nucleus for the addition of other hospitals and physician groups and to grow the regional health system into a market-leading joint enterprise.
3. University of Virginia Health System will have a significant ownership position in the new company while Novant Health will be the managing partner. Both healthcare entities are expected to close on this joint venture by Sept. 30.