UNC Health Care announced Tuesday that its merger High Point Regional Health System is now complete and will take effect April 1.
Under a deal announced in September, UNC has committed $150 million over five years for capital improvements at High Point Regional, a money-losing hospital that it hopes to turn around.
UNC is also allocating $50 million to establish a new community health fund that will award grants supporting health, wellness and prevention.
High Point Regional will become part of UNC Health Care but will retain the High Point Regional name and its status as a private nonprofit. High Point Regional has 351 patient beds and a network of 19 physicians' offices.
Rising medical costs and the federal government's overhaul of health care has spurred a wave of consolidation as community hospitals seek to team up with larger partners.
The UNC system now also includes its hospital in Chapel Hill, Rex Healthcare in Raleigh and Chatham Hospital in Siler City. UNC also manages Pardee Hospital in Hendersonville.
High Point Regional has lost money the last several years, including $8 million in 2011. The hospital's financial situation led it to announce in February 2012 that it was seeking a "strategic partner."