Novant Health and UVA Health are in discussions for UVA Health to acquire full ownership of Novant Health UVA Health System, the institutions announced Wednesday.
Novant is a Northern Virginia health system with hospitals in Manassas, Haymarket and Culpeper.
Currently, Novant Health, based in Winston-Salem, N.C., has 60% ownership and UVA Health has 40% ownership of the joint operating company. Under the proposed new arrangement, UVA Health would have 100% ownership of all of the facilities and assets currently part of the joint operating company, including a network of outpatient services and the three hospitals.
“Together, Novant Health and UVA Health have determined that having a single owner is the best way to provide exceptional care in the communities that the system serves,” said Carl S. Armato, Novant Health’s president and chief executive officer.
Dr. K. Craig Kent, UVA’s executive vice president for health affairs, said the proposed agreement allows UVA Health to expand its services to a larger part of Virginia.
“An important part of the mission of our academic health system is to provide superb care to patients throughout Virginia,” Kent said. “Our UVA Health team looks forward to partnering and building on the great work accomplished over the past five years to ensure residents of Northern Virginia have easy access to the full spectrum of services ranging from primary to the most specialized care.”
Becoming the full owner of the three-hospital system – which has 260 inpatient beds – would give UVA Health over 1,000 inpatient beds across its footprint. UVA Health said it would allow patients in Culpeper and Northern Virginia to benefit from UVA Health’s care, technology, research, clinical trials and teaching programs.
“Our goal is to further enhance access to quality care for residents of the region and to deliver this care when and where they need it,” Kent said. “We will do this in collaboration with all of the team members at Novant Health UVA Health System and the region’s medical community, including both employed and independent physicians.”
The institutions said additional details of the agreement are expected in the months ahead and that any transaction will be subject to due diligence and any necessary regulatory and other approvals. Novant Health and UVA Health hope to finalize the transaction by July 1.