Maria Parham Medical Center joins Duke LifePoint Healthcare
October 31, 2011
Transaction generates approximately $30 million to fund community needs
Henderson, NC (October 31, 2011) – Maria Parham Medical Center (MPMC) has officially joined Duke LifePoint Healthcare, an innovative joint venture of Duke University Health System, Inc. and LifePoint Hospitals®. The agreement between the MPMC Board of Directors and Duke LifePoint to jointly own and operate MPMC was finalized today.
Since the formation of the joint venture in January, Duke LifePoint Healthcare has acquired MPMC, Person Memorial Hospital in Roxboro, NC, and the North Carolina cardiac catheterization operations of MedCath Partners, LLC, now known as DLP Cardiac Partners. Additionally, in October, Duke LifePoint signed a memorandum of understanding with its first Virginia hospital – a potential joint venture with Twin County Regional Healthcare (TCRH) to share ownership and operations of the hospital.
“This is an exciting day for MPMC and our community. Our partnership with Duke LifePoint will provide our hospital with new clinical and operational resources that will help us enhance our healthcare services to meet the growing needs in our region,” said Bev Tucker, M.D., Chairman of the MPMC Board of Directors. “We are looking forward to our future as part of the Duke LifePoint network.”
Under the terms of the agreement, Duke LifePoint and MPMC have formed a joint venture to own and operate the hospital. Duke LifePoint will own 80 percent of the joint venture and has committed to investing $45 million in capital improvements at the hospital over the next decade. The proceeds from the transaction - approximately $30 million - will be used to create a locally governed charitable foundation that will be used to fund programs and services to meet community needs. Other financial terms of the transaction were not disclosed.
“Maria Parham Medical Center is an ideal partner for Duke LifePoint, and we are eager to expand our existing relationship and work together with the hospital’s board, leadership, employees and medical staff to advance our shared vision of improving healthcare in this region,” said William J. Fulkerson Jr., M.D., Executive Vice President of Duke University Health System. “As part of Duke LifePoint, MPMC will have access to additional resources to better serve its patients today and into the future.”
As part of the agreement, Duke LifePoint and MPMC are creating a 10-member board with equal representation from both organizations. A separate hospital advisory board consisting of physicians, local community leaders, MPMC President and CEO Robert Singletary and a representative from Duke LifePoint also will be established.
“We are very pleased to welcome Maria Parham to the Duke LifePoint network of hospitals,” said LifePoint Chairman and Chief Executive Officer William F. Carpenter III. “This joint venture will not only provide the hospital with new clinical and operational support, it also will help MPMC expand its recruiting efforts and enhance the healthcare services it offers to people in the region.”
About Maria Parham Medical Center
Maria Parham Medical Center is a regional hospital serving the people of north central North Carolina and Southside Virginia. With a team of more than 150 physicians and 700 clinical and support staff, Maria Parham offers a wide range of services and the latest technology to meet the healthcare needs of the community. Maria Parham, located in Henderson, NC, is fully accredited by both The Joint Commission and CMS. For more information about Maria Parham Medical Center, please call (252) 436-1800 or visit http://www.mariaparham.com.
About Duke LifePoint Healthcare
Duke LifePoint Healthcare, a joint venture of Duke University Health System, Inc. and LifePoint Hospitals® (NASDAQ: LPNT), was established to build a dynamic network of hospitals in North Carolina and the surrounding areas. The joint venture, which brings together LifePoint’s experience in community-based hospital management and Duke’s world-renowned leadership in clinical service, is strengthening and improving healthcare delivery by providing community hospitals the clinical, quality and operational resources they need to grow and prosper. For more information visit http://www.dukelifepointhealthcare.com.