Board vote set on Novant’s $5.3B North Carolina hospital deal: 5 things to know

Five things to understand:.

Alia Paavola –
Tuesday, September 29th, 2020
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A state judge obstructed a last-minute attempt to stall a vote on Novant Healths $5.3 billion deal to buy New Hanover Regional Medical Center in Wilmington, N.C., according to The Winston-Salem Journal.

1. Advocacy group Save Our Hospital submitted a claim seeking to stall the vote to gather more public records about the deal..

2. Superior Court Judge Phyllis Gorham rejected the legal complaint last week, clearing the method for New Hanover Regional Medical Centers board to vote on the contract Oct. 1, and the New Hanover Board of Commissioners to cast a last vote Oct. 5..

In July, Winston-Salem, N.C.-based Novant Health won a bid to partner with the medical. It was completing with 2 other health systems.

4. Because winning the bid, Novant Health has actually been dealing with a conclusive contract.

5. Under the agreement, Novant Health dedicated to investing more than $5 billion in the medical. The commitment includes more than $1.5 billion in upfront money for the medical center and $3.1 billion for numerous capital jobs. Novant said the monetary dedication to the New Hanover healthcare facility will guarantee support for “infotech and quality initiatives, enhancements to existing facilities, new building and construction and other tactical capital.”.

In July, Winston-Salem, N.C.-based Novant Health won a bid to partner with the medical. Under the contract, Novant Health committed to investing more than $5 billion in the medical. The dedication includes more than $1.5 billion in upfront cash for the medical center and $3.1 billion for various capital tasks. Novant said the financial dedication to the New Hanover healthcare facility will guarantee support for “details innovation and quality initiatives, enhancements to existing facilities, new construction and other strategic capital.”.

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