Novant Health of Winston-Salem will take over management of Franklin Regional Medical Center in Louisburg, as part of a restructuring of joint venture with Health Management Associates announced today.
In March 2008, Novant purchased a 27 percent ownership of seven Carolinas hospitals, including Franklin Regional, from HMA.
With the restructuring, Novant increases its ownership interest to 99 percent in Franklin Regional, located about 30 miles northeast of Raleigh.
The deal will allow Novant to become more involved in patient care, physician partnerships and community outreach, said Novant president Paul Wiles.
Novant recently lost a bid to build a community hospital in Holly Springs after its proposal was rejected by state regulators. The company has wanted to expand its foothold in the fast-growing Triangle health-care market.
The company owns 12 hospitals across the Carolinas, including Forsyth Medical Center in Winston-Salem and Presbyterian Hospital in Charlotte.