UVA Health has acquired full ownership of Novant Health UVA Health System, a three-hospital joint venture it ran with Novant Health since 2016.
The academic health system previously had a 40% stake in the northern Virginia health system, with Novant Health holding the remaining 60%. The partners shared their plans to transfer ownership back in February and announced today that the deal has been completed.
“We are so excited about this new relationship and the opportunity to serve even more patients throughout Northern Virginia and Culpeper,” K. Craig Kent, M.D., CEO of UVA Health and the university’s executive vice president for health affairs, said in a statement. “Working together with the excellent team already in place, including our employed and independent physicians, we are looking forward to creating a new vision for healthcare in Virginia.”
UVA Health now has full ownership of the facilities and assets of three hospitals—Novant Health UVA Health System Culpeper Medical Center, Novant Health UVA Health System Haymarket Medical Center and Novant Health UVA Health System Prince William Medical Center—as well as their integrated network of outpatient services.
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Novant Health UVA Health System’s 260 inpatient beds will push UVA Health’s tally over the 1,000-bed threshold.
The academic health system is led by its 600-bed flagship hospital, UVA Medical Center. It also runs the 106-bed UVA Children’s Hospital, UVA School of Medicine, UVA School of Nursing and UVA Physicians Group.
Novant Health is a multistate non-profit integrated system based in North Carolina. It reported a net income of $382.2 million and operating revenues of nearly $5.7 billion for the full year of 2020.
With this deal, the system no longer operates any hospitals in the state of Virginia.
In addition to expanding its geographic footprint, Kent said that bringing Novant Health UVA Health System under sole ownership will “help patients throughout the region more easily benefit from our high-quality care, the latest technology, groundbreaking research and clinical trials.”
Further, “by expanding our health system’s footprint, it will also provide us with more opportunities to fuel our teaching mission, which will benefit patients for decades to come by training the next generation of healthcare providers,” he said.