“We are very pleased to take the next step in our potential joint venture with LifePoint Hospitals,” Marshall Doeller, chairman of Fauquier Health's board, said in a news release. “This partnership offers our physicians, employees, patients and community tremendous benefits. 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.”
Part of those investments involves $52.8 million in capital improvements over the next decade. Further, proceeds from the transaction, coupled with the retained assets of Fauquier Health, will eliminate the health system's debt. The more than $100 million in remaining assets will be used to establish a charitable community foundation. Additional terms related to the agreement have not been released.
“Fauquier Health is a great organization that plays an important role in the health and well-being of Warrenton and the surrounding region,” LifePoint Chairman and CEO William Carpenter III said in the release. “We are excited about the opportunities for us to work together to enhance healthcare in this region.”
For-profit LifePoint, which operates 57 hospitals across 20 states, already owns five in Virginia. Each of Fauquier Health's facilities is in Virginia—either in Fauquier County or a neighboring community.
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