A joint venture between the Duke University Health System and a for-profit hospital corporation will invest $45 million in improvements at Maria Parham Medical Center in Henderson over the next decade.
Duke and LifePoint Hospitals announced in January that they planned to buy Maria Parham, a 102-bed hospital about 45 miles north of Raleigh. It was the first acquisition by the joint venture, known as Duke LifePoint Healthcare.
Officials announced today that they have an agreement with Maria Parham's board. The deal still requires approval from the N.C. Attorney General, and is expected to close within 90 days.
Under terms of the deal, Duke LifePoint will buy an 80 percent stake in Maria Parham. The joint venture will use $30 million to create a charitable foundation to pay for new programs and services in Henderson. And another $45 million will be used for capital improvements at the hospital over the next 10 years.
"Duke LifePoint brings unparalleled clinical and operational support to this community and can give MPMC the resources and expertise it needs to transform healthcare in Henderson and strengthen and grow our hospital," said Bev Tucker, chairman of the Maria Parham board.
The Duke Health system teamed up with LifePoint to create a new competitor as other health systems across North Carolina seek to expand by buying or affiliating with community hospitals and physician practices.
LifePoint is a publicly traded business based in Tennessee that operates 52 hospitals in 17 states.
Duke LifePoint also announced plans last month to buy Person Memorial Hospital, about 55 miles northwest of Raleigh.