Rowan Regional Medical Center, Salisbury, N.C., said its board of directors has chosen to become part of Novant Health, Winston-Salem, N.C., with Novant agreeing to invest $250 million in the 188-bed hospitals facilities over the next five years. Novant also will assume Rowans debt and will make a $5 million gift to the Rowan Regional Medical Center Foundation. The deal is expected to close in mid-January 2008.
The Rowan board started its strategic planning for a possible alliance with a major healthcare system three years ago, and announced in June that it would seek proposals from both Novant and Carolinas HealthCare System, Charlotte, N.C.
Rowan will retain its name, its executive team and its 15-member board, which will have significant responsibility and authority, the medical center said. The Rowan chairman will join the Novant board, and the president of Novants southern Piedmont region will join the Rowan board. The Rowan foundation will continue to operate independently, with its assets restricted to the benefit of the Rowan hospital. -- by Vince Galloro
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