Hospital owner/operator Health Management Associates has sold a 27 percent stake in seven of its hospitals to Novant Health. Novant, which paid $300 million, is getting a piece of hospitals cutting across North and South Carolina. The two healthcare organizations will handle corporate operations at the hospitals as a joint venture, though Health Management will continue to manage the facilities. Novant, for its part, gets to take over ownership of, and operate the hospitals' employed physician practices, which some might say is the sweeter part of the deal. HMA, which owns a total of 58 hospitals, has agreed to keep funding the practices for three years if needed, and said that it's considering setting up joint ventures for some of its other facilities, too. However, this deal already puts it within spitting distance of its plan to raise $400 million.
To learn more about the deal:
- read this press release
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