Carolinas HealthCare to manage Cone Health

Carolinas HealthCare System, Charlotte, N.C., the second-largest public hospital system in the country, is taking over management of five-hospital group Cone Health, Greensboro, N.C.

Financial terms of the agreement, which will be effective Oct. 1, were not disclosed.

Cone will continue to be independently owned and its current board of trustees will continue to govern the system, according to a news release.

The deal also will not affect Cone's pending acquisition of 210-bed Alamance Regional Medical Center, Burlington, N.C., which was announced in December, the release noted. The two parties are currently in discussions with the Federal Trade Commission ahead of the antitrust review process.

The release described Alamance as “supportive” of Cone's agreement with Carolinas HealthCare System.

As part of the deal, five members of Cone's senior leadership team will become employees of Carolinas and assume responsibility for managing Cone. They are: Tim Rice, CEO; Terry Akin, president and chief operating officer; Ken Boggs, executive vice president and chief financial officer; Dr. Mary Jo Cagle, executive vice president and chief quality officer, and Theresa Brodrick, executive VP and chief nursing officer.

Rice noted in the release that the deal will “ensure a strong, secure future for Cone Health.”

Cone Health's facilities include the Moses H. Cone Memorial Hospital, Wesley Long Hospital, the Women's Hospital, Annie Penn Hospital and Cone Health Behavioral Health Hospital.