Over the past two years the medical centers have collaborated to build a clinically integrated management-services organization called Cornerstone Health Enablement Strategic Solutions, according to the article.
Both companies stand to benefit from the purchase agreement, financial onlookers believe. “Cornerstone would gain some financial security, and apparently some degree of autonomy in which to continue to practice medicine,” David Meyer, senior partner with Keystone Planning Group, told Winston-Salem Journal.
Cornerstone Healthcare’s expansive physician reach may help WF Baptist scale operations to more aggressively compete for customers with Winston-Salem-based Novant, Carolinas HealthCare System in Charlotte and MosesH.ConeMemorialHospital in Greensboro, Mr. Meyer added.
Cornerstone Healthcare is expected to operate as separate entity under Wake Forest. Cornerstone currently oversees nearly 300 physicians at more than 80 clinical locations throughout central North Carolina.
More articles on transaction and valuation issues:
Prime Healthcare completes purchase of hospitals in 4 states: 5 things to know
Larkin Community Hospital expands reach with $40M acquisition
LifePoint expands footprint into S.C.: 6 things to know
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.