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The Twin County Regional Healthcare (TCRH) Board of Directors and Duke LifePoint Healthcare today finalized their agreement to jointly own and operate TCRH and its affiliated assets. The newly formed joint venture will strengthen TCRH for the future and give the hospital the resources it needs to enhance the medical services offered in its communities.
“This is a very exciting day for our hospital and community and the beginning of a wonderful new chapter in TCRH’s 38-year legacy of caring for the Twin Counties and the surrounding region,” said TCRH President and CEO Jon D. Applebaum, MHA. “As part of Duke LifePoint, TCRH will have access to clinical, operational and financial resources that will help us not only enhance the quality care for which we are known, but allow us to invest in new technology and services to grow and better serve the healthcare needs of our communities.”
Under the terms of the final agreement, Duke LifePoint owns 80 percent of TCRH and its assets, while TCRH retains a 20 percent ownership stake. Duke LifePoint has committed to investing $20 million in capital improvements at the hospital over the next 10 years. The retained assets and proceeds from the transaction will eliminate TCRH’s debt. The remaining proceeds, approximately $10 million, will help fund the Twin County Community Foundation, which is being formed out of the Twin County Regional Healthcare Foundation, to support crucial community needs. Other terms of the agreement were not disclosed.
“Our board explored potential affiliation options for TCRH for more than a year before selecting Duke LifePoint as the ideal partner for our hospital and community,” said Doug S. Vaught, Chairman of the TCRH Board of Directors. “We are looking forward to collaborating with Duke LifePoint to expand the services TCRH offers, invest in new equipment and facility improvements, recruit needed physicians, and develop more specialized healthcare services here in the Twin Counties.”