State law provides that when a county sells a hospital, six essential protections must be maintained for the benefit of customers in the future.
Stein said that in order to gain his approval, Novant and New Hanover agreed to increase the new endowment’s transparency, its accountability to the public, and the representativeness and independence of its board of directors.
Novant agreed in October to pay $1.5 billion at closing; $2.5 billion toward “strategic capital expenditures;” $600 million to routine capital expenditures; a $150 million contribution by the hospital; and $50 million to the hospital’s foundation.
“Negotiations also resulted in stronger commitments by Novant/NHRMC to continue to provide critical medical services to the people of New Hanover County and the region,” according to the statement from the attorney general’s office.
Armato has said Novant and the Wilmington hospital “are natural partners with aligned values and not-for-profit charitable missions.”
“Novant has recognized, now more than ever, that health-care organizations really must do all they can to ensure stability, encourage innovation, expand access to care that communities need to stay healthy,” Armato said.
“We believe this partnership, through economies of scale, will allow to do that so much more. We’re also excited about expanding and sharing our abilities to find best practices in clinical variations.”