Under the agreement, SCL Health and Community First each remain members of Exempla, which will be governed by a community-based board of directors. SCL will appoint nine of the 10 directors and Community First will appoint one. Exempla will retain ownership of its assets and SCL Health will continue to oversee operation of Exempla facilities, as it has since 2010, according to the release.
In addition, Community First will dedicate $25 million of the new funds to the communities served by Exempla Lutheran Medical Center in Wheat Ridge, Colo. Of that amount, $5 million will support Exempla Lutheran Medical Center’s charitable activities and $20 million will be used to create the Lutheran Legacy Fund to promote health, wellness and prevention.
According to the release, the completion of the agreement hinges upon meeting certain legal requirements, including notification to the Colorado Attorney General.
More Articles on Hospital Transactions:
Charlevoix Area Hospital Affiliates With Munson Healthcare in Michigan
Steward Gets More Time to Close Landmark Medical Center Deal
MedStar Health to Acquire Southern Maryland Hospital Center
