Greenville Health System’s decision to restructure into a nonprofit has been in contention since 2015. Lawmakers said the health system needed legislative approval for its status change to be official, according to the report.
As part of the deal with state officials, health system executives are expected to limit executive and board member compensation, and pay out $100 million in community grants during the next 25 years.
State officials also asked health system executives to increase their representation on a board tasked with overseeing the newly-formed SC Health Company, which was created through a merger between Greenville Health System and Columbia, S.C.-based Palmetto Health. While the systems finalized the combination last November, the South Carolina Governor’s Office declined to approve the transaction until all counties involved voted in favor of it, which has not yet occurred.
Eight state lawmakers wrote an op-ed in the Greenville News last month calling for the sale of the health system to the highest bidder. However, the proposal created controversy among Greenville County officials, community members and Greenville Health System physicians and leadership.
The health system confirmed to The Post and Courier March 1 Greenville Health System executives are in negotiations with state officials.
More articles on transactions and valuations:
24 hospital transactions and partnerships in February
Yale New Haven Health ends partnership talks with Rhode Island hospital
Why this Georgia health system is transitioning into a nonprofit
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