Duke LifePoint Healthcare Signs Definitive Agreement with Wilson Medical Center
January 8, 2014
This press release was amended at 4 p.m. on January 8, 2014, to clarify that Duke LifePoint Healthcare has a memorandum of understanding, not a definitive agreement, with Rutherford Regional Medical Center.
Agreement to form joint venture includes $120 million in capital investments and resources to strengthen and grow North Carolina hospital
Wilson, NC – The Wilson Medical Center Board of Directors has taken the next step in becoming part of Duke LifePoint Healthcare. The organizations have signed a definitive agreement to form a joint venture. The proposed joint venture, which will provide Wilson Medical Center with resources to enhance its services and invest in its growth, is moving forward following a positive vote by the Wilson County Board of Commissioners. The agreement is under review by the Attorney General of North Carolina.
“Duke LifePoint is the ideal partner for our hospital as we seek ways to strengthen and grow Wilson Medical Center for the future,” said Jim Pridgen, Chairman of the Wilson Medical Center Board of Directors. “The due diligence we have conducted over the past several weeks has confirmed the tremendous benefit a relationship with Duke LifePoint can offer our employees, physicians, patients and community. We look forward to taking the next step in our proposed joint venture.”
Under the terms of the definitive agreement, Duke LifePoint would own 80 percent of the joint venture, while Wilson Medical Center and the community would have a 20 percent ownership stake. The joint venture would commit to $120 million in capital investments at Wilson Medical Center over the next decade.
“Wilson and Duke LifePoint are united on several important issues including a dedication to quality care, a commitment to our employees and medical staff, and an understanding of the importance of local involvement in the future of our hospital,” said Rick Hudson, President and CEO of Wilson Medical Center. “It is exciting to align with an organization that brings these shared values to table along with tremendous clinical, quality and operational resources that can help us strengthen our services and prosper.”
As part of the definitive agreement, governance of Wilson Medical Center would be shared equally by Duke LifePoint and Wilson though the creation of a 10-member board with equal representation from both organizations. This board will help ensure a strong community voice in the strategic direction of the hospital.
“Wilson Medical Center is a well-respected provider of quality healthcare in Wilson County,” said William J. Fulkerson, Jr., MD, Executive Vice President of Duke University Health System. “Duke LifePoint is excited at the prospect of partnering with Wilson Medical Center’s dedicated board, management team, clinical staff and employees to strengthen and enhance healthcare in its communities.”
Wilson Medical Center’s joint venture with Duke LifePoint offers many benefits to the community. The joint venture would become a taxpaying organization, providing an important source of new tax revenue to support the Wilson economy.
“All of us at Duke LifePoint have enjoyed getting to know more about the Wilson Medical Center team,” said LifePoint Chairman and Chief Executive Officer William F. Carpenter III. “We are excited at the prospect of becoming part of the Wilson community and working with the hospital to provide quality healthcare close to home in this region. Working together, we see great opportunity to strengthen and enhance health services here for years to come.”
Duke LifePoint owns four hospitals and a company that offers hospital-based catheterization labs and mobile catheterization services:
- Maria Parham Medical Center, Henderson, NC
- Marquette General Health System, Marquette, MI
- Person Memorial Hospital, Roxboro, NC
- Twin County Regional Healthcare, Galax, VA
- DLP Cardiac Partners, Charlotte, NC
It also has signed memoranda of understanding to form a joint venture with Rutherford Regional Medical Center in Rutherfordton, NC, and acquire WestCare Health System in Sylva, NC, and Haywood Regional Medical Center in Clyde, NC.