Wake Forest Baptist Medical Center in Winston-Salem, N.C., has signed a letter of intent to buy Cornerstone Healthcare, a physician-owned practice in High Point, N.C., reports the Winston-Salem Journal.
Over the past two years the medical centers have collaborated to build a clinically integrated management-services organization called Cornerstone Health Enablement Strategic Solutions, according to the article.
Both companies stand to benefit from the purchase agreement, financial onlookers believe. "Cornerstone would gain some financial security, and apparently some degree of autonomy in which to continue to practice medicine," David Meyer, senior partner with Keystone Planning Group, told Winston-Salem Journal.
Cornerstone Healthcare's expansive physician reach may help WF Baptist scale operations to more aggressively compete for customers with Winston-Salem-based Novant, Carolinas HealthCare System in Charlotte and MosesH.ConeMemorialHospital in Greensboro, Mr. Meyer added.
Cornerstone Healthcare is expected to operate as separate entity under Wake Forest. Cornerstone currently oversees nearly 300 physicians at more than 80 clinical locations throughout central North Carolina.