Fauquier Health to merge with LifePoint Hospitals
Tuesday, Mar. 5
The board of directors of Fauquier Health announced today the signing of a memorandum of understanding (MOU) to form a joint venture with LifePoint Hospitals.
Hospital officials say the proposed partnership offers many potential benefits to Fauquier Health and the communities it serves by providing resources and support that will allow Fauquier Health to expand and enhance its services, invest in its facilities and new technology, and improve its efforts to recruit and retain needed physicians.
“This proposed joint venture with LifePoint is a very exciting development for our hospital and community,” said Marshall Doeller, chairman of the Fauquier Health board.
“By partnering with LifePoint, Fauquier Health has an opportunity to maintain local ownership and an equal voice in the governance of our hospital and also gain new financial, operational and clinical resources that will help us better serve our communities and grow and prosper into the future. We are pleased that LifePoint recognizes the value of patient-centered care, and will continue to support our very special culture," he said.
LifePoint, headquartered in Brentwood, Tenn., owns 57 hospitals in 20 states. The company owns five Virginia hospitals.
According to its most recent financial information, LifePoint had revenues of more than $3.39 billion and net income of $151.9 million in 2012.
The company's stock price was $44.52/share Tuesday and ranged from a 52-week high of $46.25 and a low of $34.32 over the past year.
Under the terms of the proposed partnership, Fauquier Health and LifePoint would share ownership and governance of the hospital, with LifePoint obtaining the majority ownership interest.
Governance would be shared equally between Fauquier Health and LifePoint, preserving the community’s input into the strategic direction of the hospital and health system.
For more information, see Wednesday's Times-Democrat.