On April 5, the board of commissioners of North Wilkesboro unanimously approved a resolution to enter into a letter of intent with Wake Forest Baptist and begin negotiations toward a long-term lease of WRMC.
Under the terms of its proposal, Wake Forest Baptist will invest $238 million in support of WRMC, the Town of North Wilkesboro, the Wilkes community and patients in the region it serves during the initial 30-year term of the lease, all three parties said.
In a prepared statement, Eric Cramer, board chairman of WRMC Hospital Operating Corp., said the changing healthcare landscape prompted the move for WRMC to affiliate with a larger health system.
“Wilkes Regional Medical Center is already a very strong hospital, with experienced administrators, staff and physicians and complemented by a strong group of community physicians and specialists. We are well-positioned for the future. We want to make sure that this key community asset is maintained and improved so people in the community have greater access to services currently not available,” he said.
Within the next few weeks a formal letter of intent will be signed by the parties, and a targeted 180-day due diligence period will begin.
This is not the first time the three parties have been linked. Wake Forest Baptist began operating the WRMC emergency department about a decade ago. Wake Forest Baptist also lent the hospital about $10 million to build the emergency department, and has participated in development and support of clinical programs, according to a Winston-Salem Journal report.
More articles on transactions and partnerships:
Glenwood Regional Medical Center partners with Ochsner Health System
Carolinas HealthCare, Southeastern Health enter agreement for strategic services and health IT: 4 things to know
Accumen acquires Chi Solutions
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
