Person Memorial Hospital Acquired by Duke LifePoint Healthcare
October 3, 2011
Roxboro, North Carolina (October 3, 2011) – Person Memorial Hospital (PMH) has officially joined Duke LifePoint Healthcare, an innovative new joint venture of nationally renowned Duke University Health System and LifePoint Hospitals. The announcement was made jointly today by Duke LifePoint Healthcare and the Board of Trustees of Person Memorial Hospital. The transaction was finalized on September 30.
In a little more than six months, Duke LifePoint Healthcare has completed the acquisition of PMH, has signed a definitive agreement to jointly own and operate Maria Parham Medical Center in Henderson, and acquired the North Carolina cardiac catheterization operations of MedCath Partners, LLC, which is now known as DLP Cardiac Partners.
“Person Memorial Hospital is thrilled to join Duke LifePoint and welcome the organization into our facility and community,” said Robby Jones, chairman of PMH Board of Trustees. “Duke LifePoint brings new resources and capabilities to Person Memorial, which will strengthen the hospital and its ability to respond to the healthcare needs of people in this region. This is an exciting day for the hospital and its employees and medical staff as well as the people throughout the communities Person Memorial serves.”
Under the terms of the purchase agreement, Duke LifePoint acquired PMH and committed to investing $15 million in capital improvements at the hospital over the next 10 years. A minimum of $6 million will be spent within the first five years of ownership. Other terms of the transaction are not disclosed.
“I believe there are quality care and operational synergies that will result from Person Memorial’s becoming a part of Duke LifePoint,” said William J. Fulkerson, Jr., MD, Executive Vice President of Duke University Health System. “I know that the physicians and staff at Person Memorial share Duke’s primary commitment to caring for patients, their loved ones, and each other, and that the hospital will continue to provide excellent healthcare services to the people in Person County and surrounding communities.”
Proceeds from the transaction will eliminate PMH’s debt. Remaining proceeds will be used to create the Person Memorial Foundation, a charitable foundation that will support crucial community needs.
“Person Memorial Hospital shares Duke LifePoint’s commitment to improving healthcare in North Carolina,” said LifePoint Chairman and Chief Executive Officer William F. Carpenter III. “We are confident that by providing PMH’s dedicated team of employees and medical staff with additional operational and clinical resources, we can make a significant impact on the health and vitality of this region in the future.”
About Person Memorial Hospital
Person Memorial Hospital is a community hospital located in rural Person County, North Carolina. Dedicated in September 1950, Person Memorial has continued to grow and expand to provide the technology and services needed in Person County and the surrounding areas. For more information, visit http://www.personhospital.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 and healthcare providers 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 additional information, visit http://www.dukelifepointhealthcare.com.