Duke LifePoint Healthcare Signs Definitive Agreement with Wilson Medical Center Agreement to form joint venture includes $120 million in capital investments and resources to strengthen and grow North Carolina hospital Business Wire WILSON, N.C. -- January 8, 2014 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 a definitive agreement to form a joint venture with Rutherford Regional Medical Center in Rutherfordton, NC, and memoranda of understanding to acquire WestCare Health System in Sylva, NC, and Haywood Regional Medical Center in Clyde, NC. About Wilson Medical Center Wilson Medical Center is a 294-bed health care organization that offers a range of services. We offer comprehensive cardiac care, imaging services, cancer care and orthopedics, in addition to primary and specialty care through our physician practice offices. We also offer community outreach programs, including Oncology Nurse Navigation, dr. talks and Silver Service, providing our community with additional health and wellness resources that go beyond onsite care. For more information, visit www.wilmed.org. 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. 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 www.dukelifepointhealthcare.com. Contact: LifePoint Hospitals Diane Huggins, 615-920-7651 Diane.Huggins@LPNT.net or Wilson Medical Center Connie Rhem, 252-399-8948 email@example.com
Duke LifePoint Healthcare Signs Definitive Agreement with Wilson Medical Center
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