Fauquier Health partners with LifePoint Hospitals
- September 4, 2013
Fauquier Health and LifePoint Hospitals have signed a definitive agreement that gives LifePoint 80 percent ownership of Fauquier Health’s assets.
The agreement is subject to approval by the Virginia Attorney General.
“”Joining LifePoint will allow us to have the ability to enhance our services, recruit new physicians, and make investments that will help us better serve our community,” Marshall Doeller, chairman of the Fauquier Health Board of Directors, said in a statement.
Under terms of the agreement, LifePoint would own 80 percent of the joint venture, while Fauquier Health and the Warrenton community would have a 20 percent ownership stake.
The joint venture will spend $52.8 million on capital improvements over the next 10 years, including investments in technology, equipment and other purchases.
The agreement also will eliminate the health system’s debt and the remaining assets, of more than $100 million, would be used to create a locally-governed charitable foundation to help community needs.
Governance of Fauquier Health will be shared equally between Fauquier Health and LifePoint.
Financial terms of the agreement were not released.
LifePoint currently has five hospitals in Virginia: Clinch Valley Medical Center in Richlands, Danville Regional Medical Center in Danville, Memorial Hospital of Martinsville, Twin County Regional Healthcare in Galax (a Duke LifePoint hospital), and Wythe County Community Hospital in Wytheville.