Caldwell Memorial Hospital has been considering options to strengthen its position in its market for many months. It invited UNC Health Care to submit a proposal because of its management resources, successful track record in improving community hospitals, experience building strong physician relationships and ability to connect patients to sub-specialized care, according to the release.
According to the release, under the terms of the proposed agreement, UNC Health Care will adhere to the following requirements:
• Become the sole member of Caldwell Memorial Hospital and provide at least $35 million in capital improvements over a five-year period.
• Maintain the current management of Caldwell Memorial and local governance through local representation on the board of directors.
• Maintain the employment status of Caldwell Memorial’s employees under their current compensation and benefit plans for at least one year.
• Maintain Caldwell Memorial as a private, non-profit organization and as a full service, acute-care hospital.
• Contribute at least $4 million to the Caldwell Memorial Hospital Foundation.
The two organizations will finalize negotiations, conduct due diligence and obtain regulatory approval during the exclusive negotiations.
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